Life post retirement can be full of compromises. With lower retirement income, individuals may face difficulties in managing their monthly expenses. This is when equity release could be a good option. With equity release plans, retired individuals can free up the cash locked in their property.

To be eligible for equity release, the youngest applicant must be a minimum of 55 years of age attained. It must be registered in their name & be the main residence. Preferably the applicants should be the sole occupants; however should anyone else be living there, then an occupancy waiver from will require signing. This will waive the lodger’s rights behind the applicants & the lenders so that the lender can still & push for sale should both applicants die or move into long term care .

Some benefits of equity release:-

• Get a regular income or a cash lump sum
• No need to pay monthly rent on your property
• You can continue living in your home for life

While the process of getting equity release is relatively simple, you still need to be careful when deciding upon a particular plan. As equity release is a big initiative and one of the most important decisions of your life, you should carefully research the features and benefits offered by each particular scheme.

One cannot underestimate the importance of independent, impartial advice as choosing the correct UK equity release scheme can save your beneficiaries a small fortune in inheritance terms. Initially, you need to understand the different options that are available. An independent equity release advisor is the right person with whom you can discuss different available SHIP ( Safe Home Income Plans ) authorised schemes and options. These professional advisors will also clear all your doubts regarding the process.

Not all equity release consultants can consider themselves as 'whole of market' & even the larger apparently reputable age concern companies such as Saga are not wholly independent, but merely work from a panel of lenders. An independent financial adviser should also offer a fee/fee + commission or commission only remuneration basis. (more...)

Equity release offers retired homeowners a gateway to generate extra liquidity during their retirement. There are different ways to take equity release on property portfolio's & also many equity release providers that allow you to customise how you want to release cash from your property.

Lifetime mortgage equity release is one of the most popular equity release options, but what are the features involved that must be considered?

Common features of lifetime mortgage equity release schemes: - Assured movability
Even in retirement people wish to move to a new property; possible for health & disability reasons or merely they wish to downsize to raise additional capital for a multitude of needs. As long as the new property is of suitable security to your equity release provider, you can move the scheme under similar terms and conditions. (more...)

If you are approaching retirement, and are beginning to feel anxious about your future financial security, you may well be considering taking on an additional loan to supplement your pension scheme. Instead of considering conventional government gilts, however, you might want to look into releasing equity from your home.

If you own the home in which you are resident, then the chances are good that you are eligible to borrow a significant sum from a third party lender. Equity release schemes afford you the opportunity to take out a loan, the amount of which is calculated according to the value of your house, while at the same time allowing you to remain living in your property.

There are myriad equity release companies and a wide variety of schemes available to you today and the business of selecting the right one for your situation is not always easy. Instead of operating according to guesswork, you should conduct some research before in the field before you launch into any decisions. (more...)

In the run up to your retirement you may well find yourself feeling a little nervous about your financial situation. The transition from salary to pension payments is not always an easy one. If you are keen to bolster your retirement fund with some extra capital, you will be pleased to know that there are several options by means of which you might achieve this.

Perhaps one of the most effective methods by which to supplement your income during your senior years is to release equity from your home. If you own the property on which you live, you will find that there is doubtless significant capital tied up in this asset, and you can access it efficiently by means of the right financial scheme.

Sourcing a good equity release plan should not be extraordinarily difficult. If you have a computer and access to the internet, you will find there are myriad potential options of which you might take advantage. In addition, the websites advertising many of these usually include handy equity release calculators which help you to work out the amount of money to which you have access. (more...)

If your retirement is approaching, you may well be considering taking on a loan to supplement your pension fund. A lifetime mortgage is perhaps the most efficient and safe strategy by which to increase your income during your senior years, and thus definitely an option that you will want to take into account.

A lifetime mortgage offers you the opportunity to take out a loan that is calculated on the value of the property that you own. This loan is then paid out either as a lump sum, or as a series of monthly instalments. Once the mortgage comes to term and the loan has been distributed in full, the debt is repaid by selling the property against which the money was initially borrowed.

In the same way that there exist Halifax mortgage criteria governing who may or may not be eligible for an ordinary mortgage, there are also a series of conditions that need to be met if you want to take on a lifetime mortgage. These vary according to the lending party, and it is always a good idea to check them out before you get in contact with the consultants. (more...)

If you are approaching retirement and you have no immediate plans to head into long term care, the chances are good that you may be interested in releasing equity from your assets. Lifetime mortgages or home reversion policies are considered good options during your later years; however, before you make any solid decisions, you will want to do plenty of research.

To begin with, it is important to thoroughly understand what an equity release policy entails. Simply put, this kind of mortgage allows you to access the capital that is tied up in your property, while at the same time retaining occupancy of your home.

This kind of scheme is designed to run for the length of your life. This means that it has no fixed term; once the borrower is deceased, the loan taken out and the interest accumulated on it are both repaid by the sale of property. Any remaining balance is passed on to the estate. (more...)

If you are currently sourcing a good equity release plan, you would do well to consider plenty of advice for first time buyers. While a lifetime mortgage or home reversion scheme might appear a fantastic way to supplement your pension fund, you will invariably find that not every policy suits your needs.

Equity release is not without its pitfalls and conditions. To begin with, you will find that there are myriad criteria that must be met before taking on a new policy. Age is perhaps the most substantial of these.

Because this kind of scheme is designed to run beyond the lifetime of the borrower, you will need to be over a certain age in order to qualify for equity release. Usually the minimum limit is around about 60 years, however, in certain situations, many companies will allow their clients to hold a policy from the age of 55. (more...)

If you are currently contemplating methods by means of which to supplement your income during your retirement you are doubtless considering equity release as a possible option. You will thus doubtless be aware that there are multiple possible plans available on the market today, and that choosing the correct one is paramount to your continued financial happiness.

Unfortunately, selecting the right equity release scheme is not always especially easy. As with all financial plans, you will invariably find that the details of the policy are worked out in difficult obscure jargon. If index linked pensions, home reversion and lifetime mortgage are terms that are inaccessible to you, the chances are good that you will need to seek some supplementary advice.

You will want to begin the business of sourcing the correct equity release scheme by conducting some independent research on your own. Browse sites on the internet and wade through as much of the dense jargon as you can. However, if you find yourself becoming confused by specialist questions surrounding age partnerships, mortgage lenders and equity release providers, it is more than likely time that you turned to a professional. (more...)

When it comes to saving for retirement and planning for your family's future, there are many options to consider and keep in mind. You want to make sure that in the event that anything were to happen to you, that your family is taken care of and provided for.

However, you also want to have a comfortable retirement too. There is an option that is becoming more popular and that is equity release programmes that allow people who own a home to get the equity out of the property to use and live on, without having to make a payment on this money.

These can be great programmes to use, since you get the money you need and you are still living in the home also. However, you do want to keep in mind that when passing money and property on to family, there may be an inheritance tax threshold and other considerations too. (more...)

If you are approaching your retirement years and looking to ensure that your bank balance remains healthy, you may be keen to supplement your pension plan with some extra funding. For many people over the age of sixty, equity release schemes appear to be the solution here.

Equity release, famous as a route around inheritance tax or death duties, is the broad name for a range of different loans and mortgages, all of which are founded on the value of your property. A basic equity release plan allows you to borrow money from a third party and to secure this sum using your house.

This borrowed amount is then paid out either in instalments, or as a lump sum, and all the while you are allowed to remain in occupancy of your home. This kind of scheme is designed to extend beyond your lifetime when the debt can be repaid with the sale of the house. (more...)

In the run up to your retirement, you may be feeling a little anxious regarding your projected income. Indeed, the chances are good that you will want to bolster your pension plan with funds that come from another source, and lifetime mortgage and equity release products will help you to achieve this.

This kind of scheme allows you to borrow money from a third party using your home to secure the loan. You will find that the amount of capital to which you have access will vary according to the particular scheme, in terms of which the equity is released, and as a result you will need to make sure that you select the right plan for you.

You will also need to consider both regulation of the mortgage market and whether or not leaving a deceased estate to your family is something that is important to you. If you do decide to opt for equity release, the amount your children can inherit will be significantly reduced. (more...)

Releasing equity from your home is no small step. While this kind of loan is often marketed as extremely low maintenance, because the repayments are either minimal or non-existent, it is important to remember that the capital you release from your property will have to be accounted for in the end, and if the sale of your home doesn't cover this debt, then the responsibility is passed onto the shoulders of your inheritors.

The point here is simply that before you dive into the first equity release scheme you can find, you should take plenty of time out to consider your decision from all angles. This is not a choice to be made on your own, what's more, you will need to source some excellent advice.

There are several avenues through which you might seek good advice on your equity release plan. Whichever of these you choose, you will want to ensure that your advisor is fully equipped with a range of solid equity release qualifications. (more...)

Equity release is an elegant solution to the problem of insufficient income during your retirement years. If you are worried about your funding later in life, you may well be considering accessing the capital tied up in your home.

There are many variations on the equity scheme, however, each one is, at heart, a means by which to retain occupancy of your home while at the same time using it to generate income. This kind of loan is designed so that it will come to term only after the borrower's lifetime, at which point it is repaid with the sale of the property.

Because there is such variety within the field of equity release, it is a good idea that you get some sound advice before you decide firmly on a particular scheme. The equity release solicitors alliance is, for example, a good avenue down which to turn in order to find guidance when it comes to making the right choice. (more...)

If you are considering releasing equity from your home, you will more than likely be aware by now that there are myriad different policies within this field. Each of these is tailored to suit a specific set of needs and, unless you are au fait with the terminology and jargon, picking the right one can be a difficult business.

To begin with, it is important that you have a working knowledge of what equity release is and how it works. If you are informed from the outset, the chances are good that you will be able to make a better decision, grounded in evidence and solid facts.

In addition, however, it is always a good idea to seek professional help when it comes to making this kind of important decision. Whether you are a member of the Newcastle Building Society, or any financial institution for that matter, you should enquire about in-house financial advice. (more...)

If you are currently embroiled in the process of retirement planning, you will more than likely be considering how you might go about increasing your regular income. There are a variety of avenues you can take here; however, for many people, equity release and lifetime mortgages promise to offer the most elegant solution.

Equity release is a broad, umbrella term, under which a variety of different financial schemes and plans are included. Basically, this kind of policy allows you to use your property to secure a lump of capital, and this debt is repaid after your lifetime with the sale of the house or apartment.

If you are not sure whether this kind of option is right for you, you should turn to an independent financial advisor. This kind of professional will be able to give you solid guidance that will steer you towards the option that best fits your requirements. (more...)

If you are a UK citizen resident in Britain today, and you are in the process of investigating various methods by which you might bolster your pension fund, you will undoubtedly come into contact with the concept of equity release.

This kind of scheme is perhaps the most popular solution to the problem of income during your retirement; however it is not without its pitfalls. Before you get on to exploring the effect of compound interest and other salient issues, it is important that you have a solid understanding of the basics of an equity release plan.

Equity release is, in fact, a broad, general term for a number of different financial policies. Included amongst these are lifetime and retirement mortgages and home reversion schemes. While each of these plans differ in a few, subtle ways, they all operate according to the same principles. (more...)

In times of economic crisis, there are many people that are facing repossession of their homes. They are losing their properties and their place to live. This is something that affects people of all ages and economic status too. It is not something that is reserved for the poorer classes.

It affects them more directly since often they do not have the safety nets in place that other people may have to recover from such a set back. However, there have been equity release plans, such as the Equity Release Plan that can be categorised as a self cert mortgage to help save homes.

When you are at risk of repossession, there are still options left to fix the situation and not lose your home. This is an extremely scary time in anyone's life and looking in to what to do and how to handle the situation is so vitally important. (more...)

If you are in your retirement years and struggling, you are not alone. There are many people that have tried to plan for their financial future, especially when it comes to retirement, that have found that they are still coming up short in this area.

This is such a crucial time of anyone's life and it can also be very frustrating and scary too. Looking into different ways to have the money you need for retirement is so important. There are many plans available that allow you to have that money, without having to make any payments.

Many people are in the position of being asset rich, but cash poor. This is not uncommon. Many people have homes, cars, holiday homes and more, but have no cash on hand to show for it. This can be a problem when you are not able to sell these assets, especially if you are living in your own home. (more...)

Equity release is a very viable scheme to use, especially when you are at retirement age and need to solve some of the financial issues that may be plagueing you at the time. No matter how well you plan, it can be hard to account for everything that can happen when you retire.

There are many ways that the equity release plans can work and there has been a recovery in this area in the UK. Mainly because people need the money and the ways the plans work do help people lessen the financial strain they may be going through.

This sector has a seen a surge in new equity release options and maybe this is because of economic recovery and other businesses have benefitted from it. (more...)

For many people, equity release is a excellent means by which to increase and supplement the income received during retirement from a pension plan. If you are about to finish off your life as a working professional and settle down to some years of relaxation, you may well be considering taking on this kind of policy in order to maintain the standard of your lifestyle.

Equity release is, in essence, fairly simple. This kind of scheme is designed exclusively for people in their senior years, and is structured so that it closes only after your lifetime. It allows you to unlock capital that may be tied up in your property, and at the same time, affords you the opportunity to remain living in your home.

Once the policy comes to term, the debt is reclaimed by the lending party when the house is sold. In short, you receive supplementary capital as income without incurring the anxiety of unpaid debt. What is more, this money can be used to assist with a variety of necessary projects – moving house, for example. (more...)

Equity release is one of the most popular means by which retiring people seek to increase the income from their pension funds. If you are currently contemplating taking on this kind of scheme, it is a good idea to understand a few of its fundamental features.

Equity release is a means by which to access the capital that may be tied up in your most valuable assets. Invariably, plans of this type allow you to take out a loan that is calculated using the value of your property. Unlike conventional loans, you are not required to repay the full amount, either in a lump sum or in instalments.

This is because equity release schemes are designed to run beyond your lifetime. Once the policy closes, your house will be sold and the debt repaid using the money from this transaction. While in many ways this seems an ideal solution to the problem of income during retirement, it is important to remember that there are pitfalls. For example, you will want to ensure that the policy you take out includes a no negative equity guarantee. (more...)

Home equity loans can seem like a negative option as they essentially reduce the equity you hold within your home. However if used carefully they can actually offer a way for you to increase the value of the equity you hold in your home by increasing the overall value of the property. This can be particularly useful for homeowners who have a desire to sell their home however feel that in its current condition it may not reach its full potential.

With a home equity loan it is possible to carry out improvements to a property which can substantially raise its marketable value. These improvements can be as minor as a fresh coat of paint to give that first impression of wow. First impressions do count and often small cosmetic changes can have a substantial effect on a property's value.

Alternatively a more substantive improvement such as the installation of double glazing may be a good idea to increase the value. In a time of soaring energy costs, and increasingly harsh winters, buyers are becoming more aware of how important household running costs are before they make a purchase. (more...)

Traditionally mortgages were given on the basis that they would be repaid over time through an individual or a couple's income. However in a time of age-discrimination legislation being enforced and also a changing financial situation lenders are now increasingly willing to offer mortgages to people in their 60's and older.

Obviously it is preferable that monthly outgoings are reduced during retirement as generally monthly income has reduced with retirees no longer earning a salary and having to live off pension plans. However it can also be a time of financial stress and some people may feel that a mortgage offers a way of relieving some of this financial stress rather than having to seek financial assistance from family members who may also be struggling in the current economic climate.

A mortgage will require monthly repayments. With a plan such as the Halifax Retirement Mortgage this will only need to cover interest and so may be an affordable option for retirees. It is essentially an interest-only mortgage which is only paid off upon either the death of the policy holder or their being placed into a care facility. (more...)

As you approach retirement it may seem that the only way to provide yourself with financial comfiture is to sign up to one of the many equity release schemes available in order to access the equity held within your home. However this is not the case. There are other options which can be much more sensible as they mean you do not have to worry about the escalating cost of interest associated with borrowing money against your home.

One of the most suitable alternatives for retirees can be to downsize. Obviously downsizing can be an emotional task as it can mean selling off a family home which holds dear memories of children growing up. However memories are held in the heart and not within any four walls. Rather than viewing downsizing as a selling off of family history it is important to understand the many benefits of moving to a smaller house.

The key benefit is of course releasing some of the capital that was held in your home through purchasing a smaller and less expensive property. This can allow you to keep money in savings or spend it on enjoying your retirement. However this is not the only benefit. Downsizing can also be a great way of saving energy and costs associated with running a household. (more...)

Norwich Union is now known as Aviva and is still a major UK provider of equity release schemes and capital access plans as a part of their retirement solutions package. For existing customers it is possible to increase the amount of equity accessed by your existing plans as personal finance circumstances may have changed.

In the past it was often only possible to borrow smaller amounts on an equity release plan. As your circumstances have changed you may wish to increase the lump sum of equity released or increase the monthly amounts received from your plan.

It is important to remember that the interest in an equity release plan is continually rolled up into the loan and therefore the amount borrowed grows over time. This will affect your ability to borrow more as depending on the amount of time passed since the original plan the amount borrowed will have increased. Subsequently the amount still available will have decreased or may be non-existent now. (more...)

If you are approaching your retirement years and you are anxious that the income afforded to you by your pension fund will not be sufficient to meet all of your requirements, then you may well be considering releasing equity from your home.

Equity release is a popular and, indeed, effective means by which to supplement your incomes during your senior years. This kind of financial plan allows you to take out a loan using your property as security while at the same time remaining in occupancy of your home. Because it is designed to extend beyond your lifetime, you will not be required to repay the debt. When the loan comes to term, the lending party will simply sell your house in order to collect payment.

While, in many ways, this kind of policy appears something of an ideal solution to the problem of a sparsely-funded retirement, it is not without its flaws and disadvantages. Before you dive in and sign up for an equity release scheme, it is a good idea to get some good, solid advice from a charity designed especially for the purpose of guiding people safely through the business of accessing the capital tied up in their assets. (more...)

For many people, the prospect of a retirement is a fairly bleak one. More often than not, the payments received from a pension fund are significantly less than a monthly salary, and this means that once working life is over, the circumstances call for a change in lifestyle.

If you have found yourself contemplating a reduced income during retirement, you will doubtless be keen to remedy this situation. Your research in this field is bound to have brought you into contact with the reverse mortgage, and you are likely to be considering it as a potential option.

Before you make any hard and fast decisions, it is important that you understand the fundamental principles governing this kind of financial plan since, like anything, it has positive and negative features – both of which you will want to take into account. The reverse mortgage is, essentially, a variation on the British equity release scheme. (more...)

If you are contemplating a retirement in which your income is to be significantly reduced, you are likely to be considering taking on an equity release plan or a lifetime mortgage. Unless you have specialist knowledge in this field, you may find that locating the right pension drawdown for you is not an easy task.

Unlocking capital from your home is no minor business. Signing up for equity release is a big step and, as a result, you do not want to take the process lightly. Before you come to any kind of firm decision about which of the myriad available policies you choose, you will want to make sure that you have as much information and guidance as you need.

Begin by finding out precisely what kind of equity release products are out there today. There is a wide variety from which to choose in this area, and while each policy is founded on the same essential principles, you will see that every one is also subtly different and designed to fit a specific set of requirements. (more...)

As someone approaching retirement, the chances are good that you are keen to supplement the income that will be afforded to you monthly once you pension scheme begins to pay out. For many people, a lifetime mortgage is an elegant means by which to achieve this goal; however, for some, the business of acquiring this kind of policy can be fairly complex.

To begin with, it is important that you understand the fundamental principles on which a lifetime mortgage is founded. Essentially, this kind of policy is a variation on the basic equity release scheme. While the conventional plan requires that you make no payments at all, the interest-only lifetime mortgage involves paying off the interest accumulated on your loan in monthly instalments.

In this way, you will reduce the risk of saddling your estate with a significant debt in the future; conventional equity release can result in the value of the loan outweighing the value of the property against which it was originally taken out. For this reason, a financial ombudsman will invariably advise you to opt for interest-only options if you can. (more...)