(PRWEB UK) 22 November 2013 -- Equity Release gives home owners who are over the age of 55 the opportunity to free cash from what is usually their biggest asset; their home.
This can either be done through what is known as a Lifetime Mortgage where a loan is secured on the value of the property and repaid when the last surviving home owner dies; or a Home Reversion Plan where part of the property is sold in exchange for a cash lump sum.
With recent research from HSBC indicating that 1 in 5 semi-retired expect they will never be in a position to leave paid employment, equity release could be a way of helping bridge any shortfall in income.
Now with the help of Over50choices, an independent information and comparison website that specialises in personal finance for the Over 50s, visitors to the site can read comprehensive equity release guides and decide whether it is right for them.
Having teamed up with the UK’s number one equity release specialist Key Retirement Solutions, the service also gives users the opportunity to see for themselves how much money could be released from their home using the Calculator and get advice and compare equity release quotes across the whole of the market place with their team of experts.
Over the years equity release plans have come under much scrutiny however with changing times, a fluctuating economy and tight regulation that offers greater customer protection, equity release mortgages have become an accepted and in many cases much needed method of managing finances for the Over 55s.
Speaking on behalf of Over50choices, MD Ashley Shepherd said “what with the current financial climate, people living longer, the prospect of being faced with additional costs such as care home fees and repayment of Interest Only Mortgages, we need to think long and hard about how we are going to manage our finances through later life, especially post retirement. Although equity release is not the answer for everyone, it can play an important part in freeing up much needed cash for some Over 55s.”
All plans on offer are approved by the Equity Release Council, which offers consumers certain safeguards and guarantees; for example no matter what happens to interest rates and property values, customers will never owe more than the value of their home.
Equity Release compliments the range of products already covered by the team at Over50choices and with the addition of the soon to launch Annuity Service, will help Over 50s manage and plan their pre and post retirement needs.
For more information on equity release and to try the equity release calculator, visit Over50choices.
Ashley Shepherd, Over50choices.co.uk, http://www.over50choices.co.uk, +44 7977917714, [email protected]