Top 4 Reasons to Consider Equity Release From a Property

Top 4 Reasons to Consider Equity Release From a Property
August 07 11:35 2017 Print This Article

Many individuals find that when they stop working in their early sixties or mid sixties, their income drops significantly, making it really hard to retire in comfort. This can be especially disappointing for house owners who are often property rich but cash poor, with the larger part of their wealth tied up in their houses. This is the reason why many individual are choosing to unlock some of this wealth through equity release. Listed below are some of the reasons why equity release may be worth considering.

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  • You Don’t Want The Upheaval Of Moving: Many individuals need to remain with their family at retirement, or can’t confront the upheaval and hassle of a move. Equity release empowers them stay where they are yet unlock some of their housing wealth.
  • You Need To Repay A Mortgage: Many house owners make use of equity release as a way to pay off outstanding mortgages or clear debts. In majority cases, these are interest-only mortgages and house owners either haven’t put aside enough cash to reimburse the capital, or the reserve funds they keep aside haven’t performed as well as anticipated.
  • You Need Funds To Help Family And Friends Or For Home Improvements: Finding a big lump sum amount in retirement can be challenging in the event that you don’t have savings available, so many individuals turn to equity release to pay for things like garden or home improvements, or to help their kids financially.
  • You Want To Top Up Your Monthly Income In Retirement: You don’t need to utilize the returns from equity release to support a major buy or pay obligations – numerous beneficiaries utilize this sort of plan easy to top up their month to month pay. You are just charged interest on the funds that you discharge, helping minimize expenses.

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Demarco Gonzalez
Demarco Gonzalez

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