Equity Release Schemes Increases Your Wealth
Equity Release Schemes Increases Your Wealth
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Home Page > Finance > Personal Finance > Equity Release Schemes Increases Your Wealth
Equity Release Schemes Increases Your Wealth
Posted: Apr 14, 2011 |Comments: 0
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At the time of retirement or when you are approaching those final days at work, you should be thinking of some type of equity release schemes to access you wealth, but it is not the best solution until you have exposed all the other options available. Since the market crisis, the number of equity schemes and providers has come down considerably with fewer products and offers to choose from. For example, the market had twenty three equity providers around UK in July 2007 and in the year 2010, the number reduced to half its strength.
The interest on the lifetime mortgages remained the same, between 6.54% and 7.38% despite the Bank of England base rate from5.75% to about 0.5% over the same period.
Types of equity schemes which can increase your wealth are:
Lifetime mortgages – With a lifetime mortgage you can borrow an amount by giving out a part of your house and not pay any interest until you decide on selling the whole house in future. But in the case of death during the period of the loan, the interest would be compounded annually and almost double in eleven years at the current rates in the market.
House Reversion plans – In this plan, you sell a part of your house property and at the same time live in it for the rest of your life. But if you die or get admitted to a long time care outlet and if your property gets sold, the insurance company will get their percentage of the amount borrowed from the sale price, which means if you have borrowed twenty five percent of the property, in case of death, the insurance provider will get twenty percent of the sale proceeds, since the value of the property always appreciates.
Lifetime property mortgages are available for those who are fifty five and above, while the house reversion policy is available for those who are aged sixty five or more. If you are a smoker and have health problems to your name, which would lead to a decrease of life expectancy, you may get some more favorable terms from the provider.
The equity value of your house is the value of your property, less the debts outstanding. If you have no debts, you get the full equity for the property under Equity Release Schemes; however, if there are debts on you, the provider would ensure that the debts are clear before releasing the equity and that can be done in a single transaction. This means that the funds come to you and you immediately repay the mortgage company in full any of the balances which are due.
Many pensioners don’t want any Equity Release Schemes for their property because they want their kids to inherit the same. But the question arises that when you are suffering financially, can you afford to do so? Many retirees feel that the house can be a useful asset to help fund retirement, but is that for real?
We hope this write up on equity release schemes makes some knowledge to you as it has been a boon for us to write it. Click on the links to learn more.
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