Secure Your Future By Release Equity Home

By Author: dorthy williams
Total Articles: 107
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If you are a retired home owner and are looking for an additional source of income, there is good news for you. If you are more than 55 years of age, and also have a property in your name then there is a chance for you to make some additional income that you can safeguard for later part of life.


If your home is in a presentable condition and you are more than 55 years of age, then you can go for the release equity home scheme. When you have a property lying with you, you must be aware that there is some equity which gets accumulated on the house over the years. Now if you plan to release equity in house, then you are entitled for a good amount of cash in lieu of the release equity home.


The release equity in house is a scheme that entitles you to get a good amount of cash in exchange of the release equity home. There are many equity release providers that offer a variety of release equity home schemes and they are all very popular in the market. It is always recommended that you seek the advice of a professional equity release advisor before applying for the release equity in house scheme. ...
... There are many hidden clauses and other rules and regulations that you need to comply with once you apply for the release equity in house. There are also certain criteria that you must be eligible in so as to apply for the release equity home scheme.


Thus, it is ideal that you seek the help from a professional in this regard. The basic criteria for applying in the release equity in house is that you must have a property in your own name, you must be older than 55 years and there should be no outstanding mortgage on the home premises. Always remember, the older you are, the more are your chances of getting greater loan amount in terms of the release equity home. Also your property must be in the presentable conditions. In case the property is dilapidated, your application for the release equity in house can get rejected instantly. So it is always advisable that prior to applying for the release equity home scheme, you invest some amount on your property and renovate it to an extent in case the condition of the property is not up to the mark.


You must also know that the amount of cash that you would receive from the release equity in house is completely tax free unless you invest it in some other scheme. In that case, the tax will be deducted as per the law of the scheme and the country.


There are two ways of gathering the cash, you can either take it in a lump sum amount or you can opt for the regular monthly instalment in equal amounts. The later is the preferred choice since it helps you to make a home budget for living the every day life.