How Equity Release Can Boost Your Retirement Plans

An equity release can shape up your life after retirement - for better of course. If you are over 55 and if you are a UK property owner you could release some additional money and enjoy life after your retirement. The money that is obtained from your equity is tax free and can be spent according to your wish.

The Present Scenario

Interest cuts have created a hullabaloo among the retired people who had built high hopes on their savings as part of their retirement plans. The situation is no better for those who are approaching retirement in UK. With food and energy prices soaring high, pensioners are having a tough time to cope with the increasing cost. To add to their woe, of late UK defined contribution pension schemes have lost considerable funds on the stock market.


The Benefits

In such a scenario to get hold of the correct equity release scheme is a tough task to execute. Equity release can provide the best solution to meet the additional cost required to fund the regular expenditure or the need to raise large funds. Here are few of the benefits that an elderly individual can receive from equity release:

 Downsizing is difficult especially at the old age. Older couples want to stay away from the hassle of shifting not to mention of the sentiments attached with the house. In equity release scheme-nothing really changes as such. With customized scheme you can continue your stay in your home as long as you desire and the money that is released from the plan would take care of your increased cost of living.

 Raising a large cash lump sum: Especially, designed equity release is more popular with elder lot. You can borrow either a hefty amount or you can benefit from a monthly income against the value of your house and pay back all your dues.

 Buy a new car for yourself: Who said that life ends at 40? If you want to buy a sparkling new car then worry no more as equity release plan is at your service helping you to gather the necessary fund.

 Major home improvements: Equity release plan helps to cope with all the expenses required for home improvements you are about to carry out. To avoid the embarrassing situation of running out of cash in the middle of the repairing work you can request a line of credit. It will provide you with flexible funding without you having to apply for additional cash for a second time.

 Go for exotic holidays: Long work hours and work commitments must have stopped you from going to exotic holidays. Enjoy all that which you have deprived yourself for so long. With Equity release plan it has become easier to tackle the financial aspects.

 Pay off your outstanding loans and mortgages: At the time of economic instability, an equity release scheme is suitable to repay a loan or mortgage. Unlike standard mortgages, interest rates of Equity release are extremely competitive. Moreover, you can arrange a fixed rate as well.

 Financial help for siblings and family: Through the money released from equity release plan you can help your siblings and family to cope with the economic gloom doom and job cuts.

To sum up, bag home an equity release plan according to your obligation and requirement and live life to the fullest. After all, retirement is the time when you can eat drink and be merry without shouldering the responsibilities of life.

Julie Palmer gives tips to boost your retirement plans with the right use of equity release schemes. Find out more Visit -keyrs.co.uk