Manage Your Retirement Income with an Equity Release Scheme

You may have heard of equity release schemes. These financial products are becoming more popular to help people to manage their retirement incomes.

What is an Equity Release Scheme?

For most people their main asset will be their home. A lot of money can be tied up in property and equity release schemes enabling you to unlock this money and use it to boost your retirement funds.

Equity release schemes allow you to access the money invested in your property without having to sell it and move out.

A standard equity release scheme will release the money in the form of a regular income or a lump sum payment.

You (and a partner) will still be able to live in your home though until you die or decide to move out.

There are many different types of equity release schemes on the market so you do need to make sure you get as much advice as possible.

This will help you to choose a scheme that will make the most of your assets and also get the money you need for your retirement plans.

Who Uses Equity Release Schemes?

Equity release schemes can appeal to a broad range of people from all walks of life. As long as you are own your own home (and meet the product requirements) you could be eligible to apply for equity release schemes.

You could do a lot with the money you release from your property so consider your options very carefully.

You can use equity release schemes to top up your retirement income. Living costs are rising every year and many people have found that their original retirement plans are no longer sufficient to maintain their lifestyle.

Meeting mortgage payments on a limited retirement income can be tough. Some people can find this additional cost a huge strain and so opt for equity release schemes to help them pay off mortgages and also boost their savings.

Equity release schemes can also release the cash you may need to complete home improvements. This can help you create a comfortable home suitable for your needs in retirement.

Equity release schemes can provide a practical way for you to boost your income in retirement. There are many different schemes available so you do need to compare the market and shop around.