Release of equity is a unique facility that translates your dream into reality. Now what do you dream of doing in the post retirement stage? Many laugh away the idea of starting something new in the twilight days, but the reality is we never stop dreaming even in the last phase of our life. But how can an almost penniless person harvest the hope of starting on a clean slate? Equity release is an option that blooms into several benefits that one can enjoy in their retired life.
A seizable fraction of the retirees owns houses still undergoes financial penury due to insufficient amount of pension. Smooth sailing seems to be almost akin to building up castles in the air. Some do not have so much problems in meeting the monthly budget. But, they need money to satiate many a latent desire including going on a foreign tour, making an extravagant purchase or sending their grandchildren abroad for higher studies. In a nutshell, it is the shortage of fund that is a hindrance for them to enjoy the basic necessities as well as luxurious amenities in life. Equity release is a panacea to all of these problems.
Scanty pension is the prime cause of worries and tension for the senior citizens. Most of them are not fit enough to start a new business. So they need an additional source that can add to their paltry income and the equity release option is the means that helps them stay afloat. Debt problem is another serious issue for them. The retirees often slip into debt hazards in order to top up their income. With the amount of debt spiraling up and prices of the necessities escalating, many retirees are shifting their attention to the equity release option.
Many experts consider the equity release facility as the mixed blessing. It comes as a boon as it is not a necessity to pay the loan off within the lifetime and the retirees can stay in the same house till the end of the life. But the baneful effect is if the loan is not repaid, the property owners will have nothing to betroth to their immediate heirs.