Passing the phase of old age with utmost security and peace is something that everyone desires to master. Does that sound too ideal to be real? Well, no more once you have got a grip on the idea of equity release.
In zest, equity release is nothing but a means through which you will be able to continue living in your house or resident, while at the same time you will continue receiving the regular amount of lump sum or income based on the value of the house, till the day you die or choose to move out of the resident finally.
A Comfortable Way of Living
This is one ideal option for the people who would like to earn a living smoothly without any need to get out of the house. There are two types of equity release on broader basis-
- Lifetime mortgage
- Home reversion
Among these two, the former one is generally on a greater demand than the home reversion plan in London.
What Is Lifetime Mortgage?
The concept applied here is to get a secured mortgage on your resident, provided you are the owner of it, while still residing in the house. You might even secure a part of the overall amount of the inheritance to your family members. You might as well seek to get the payment over a regular period or let it accumulate to be withdrawn finally at the end when it pleases you. You just don’t need to worry about the fact that whether you are given the complete amount back or not, since, once you die or choose to move out, the complete pending amount will be paid back along with desired interest.
While there are still a number of assets and comfort that lies with lifetime mortgage as well as the other types too, for a detailed review on them it might be helpful to follow this link further – http://www.londonequityrelease.net/