Savings make an essential part of our lives and the reason we do that is to ensure that our retirement days are happy and peaceful. I have mentioned in my earlier write-ups on similar lines and going by that there are plenty of schemes today that benefit the retirees. Plenty of plans are made for the house you make your home and the love and memories that it provides are no match when you enjoy your post retirement days. True that there is plenty of sentimental value attached to the house but not many know that in your post retirement years your house can provide for a regular source of income.
The equity release scheme ensures that this comes true. Well, this is how it works – you can raise money from your property by availing a lifetime mortgage which is given against your home. This loan can be taken as a one time lump sum or can be converted into a regular income source by getting monthly payments. In some cases even both these options can be merged and taken as a lifetime mortgage. The best part though is that you can continue to live in your home as long as you want or as long as you and your partner are alive. This is made possible by home reversion plans that are offered by equity release schemes.
There is provision for you to mortgage the whole or part of the property and moreover ensures that you can have the cake and eat it too! There are no ongoing payments as the home reversion provider has to wait till the property is sold off to get back his loan amount. If you are selling off only a part of your home, you will be able to judge the value of your property that your kith and kin will be enjoying. Moreover, you can claim a share in the value of the property if there is substantial increase in its entire value. Some top notch home reversion providers offer flexible plans that provide you money when you need it. It is a big decision to make therefore, I personally recommend that you involve your whole family in the process as it has a bearing on the inheritance you leave for your children.read more