The best things in life are free and money is for the mundane needs. But, unfortunately, we have to fulfill a number of mundane needs to sustain our life. The needs become severe when the cash inflow stops especially life after retirement. It is for these times that we have to save money throughout our working lives.
The economic doldrums that our society is facing now is making it difficult to sustain life with only the savings. The prices are rising almost daily and life is becoming very difficult even for the working individuals and for old people its more difficult if they have not made their long term care insurance. Many of those with a low income are seeking assistance from the charities to help them meet their needs. The recent government decision to cancel the fuel benefits for the middle classes has led to an uproar as the winters are approaching. This will save millions of pounds for the government. But for those whose benefits have been curtailed, this is no less than doom.
The situation is, however, a little better for those who have a property to their name. they can use it to fund their retirement years in a secured way. There are a number of ways through which you can generate money. You can either sell it rent it out or move into a cheaper location. But they have their own disadvantages and in order to avoid them you can release equity on your home. While it will give you tax exempted money, it will also let you stay in your home as long as you wish. The loan that you will receive will be paid off after your death or after your removal to a care home.
One common question that comes to the mind of a majority of people considering equity release is the effect this will have on the family. It is true that the amount of their inheritance will be drastically reduced. But it is also true that the beneficiaries will not have to pay a penny if the entire loan amount is not realized from the sale of the house. According to the policies of the Equity Release Council, the remaining amount is forgiven. In fact, if the sale of the house brings in more money than the loan amount then the remaining amount will be handed over to your beneficiaries. Thus, you have everything to gain. But before you release equity make sure that you use an equity release calculator to get an idea of the amount you can expect from the deal.
Vijayraj Reddy
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