Equity Release Mortgage Is Thus A Scheme More Feasible For The Old People

Category: Finance, Real Estate.

If your regular income is falling short of what you consider as sufficient to cover your monthly expenditure, you need to go for a financial scheme that can ensure you a good amount of cash every month. What do you do?

Say, you have some shopping plans such as buying a new car, financing holiday trips and you do not have enough cash in your hands. Equity release mortgage is the means by which you can convert your home equity into flowing cash into your hands, ready to fulfil your day- to- day needs and expenses. The money you get in this scheme helps you to supplement your monthly income and takes care of your expenditures. Financial problems can come rolling, especially in your old age, when you are retired and your pension is not enough to serve your needs, in fact, which may, increase during old age due to added expenses in health care. Equity release mortgage is thus a scheme more feasible for the old people. In this scheme, you are given an amount that is, part of your, in fact home. The only important criterion to avail to this scheme is that you should have a home, from where you can release its equity.

And the good thing is you do not have to pay that amount during your lifetime. In other words, the lender takes possession of the property insomuch as it equates the repayment amount. The amount plus the applicable interest is repaid to the lender in the form of your property. There are many variants available in the equity release mortgage scheme and you may require the services of a financial expert to guide you as to which scheme would suit you best. And if your wish to know, among the ones which people generally opt for is Home Reversion, Interest, Home Income Plan- Only Mortgage and a Lifetime Mortgage.