We start saving up for life after retirement early in life so that we are sure that after retirement our lives will be secure and we can live comfortably. We want our worries to end before we begin the later phase of our lives. We all want to spend life after retirement peacefully, doing only things we want or traveling the world. We save up for all that and more. However, we do not know what the future holds for us.
The future is a concept that holds you in doubt as you do not know what to expect. What if there is a medical emergency? Have you saved enough money to pay for your hospital bills and medicines? No amount of money is enough for such situations. Wouldn’t you love it if you could earn money without lifting a finger? Wouldn’t you love it if you could be completely independent in terms of money? If the answer to your questions is yes, then there is something you can do to earn money after retirement, but only if you own a property.
Relying on pension and your savings is no longer a safe option. Therefore, if you own a house or property, you can make full use of it, by releasing equity on the property. Selling your property will result in the loss of ownership and homelessness. That will again lead to dependence. On the other hands, if you release equity on a property, you can keep the ownership of the property and live in it till the day you die.
Equity release has become a very good money making option for people who have retired from work. If you release equity on your property, you won’t have to shift from your house; you can stay in it till the day you die. You won’t have to tolerate tantrums from tenants or paying guests or hound them down for money. However, you have to meet some criteria to avail of this option. The house has to be owned by you, the age of the owner has to be 55 years and above. There cannot be any other mortgage on the property and the market value of the property has to meet the requirements.
The advantages of equity release is that, the owner and their spouse can live in it till their last breath, the money for the house can be given as a lump sum at the very beginning or in monthly installments. If the money is given in monthly installments then it can ensure a steady flow of cash just like salary. However, there are a few disadvantages of equity release plans. The property you release equity on is no longer inheritable. So, this plan is best suited for those who do not have any heirs. The property has to be in very good shape before you release equity on it. However, if you want to keep something behind for your children after your demise, you can release equity on only a part of the property. Till you and your spouse are alive you do not have to worry about repayment.
Vijayraj Reddy
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