The Equity Release Scheme is exclusively meant for the elderly persons and the senior citizens. If you qualify for this basic requirement, you need to assess the value of your property and avail the one time fund or avail the same in suitable installments, as per your requirement. http://www.equityrelease.money/
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Equity release
1. MUST TO FACTS ABOUT EQUITY RELEASE
SCHEMES
You may be in a lookout for acquiring funds from external sources for making
your own house to stay there yourself with your family. In such eventuality,
the Equity Release Schemes will be of much help in getting totally tax-
exempted funds. But the provisions of such scheme require that in order to
get the benefits, you must be at an age over 55 years. This is the easiest way of
availing the required funds against the mortgage of your property.
The Equity Release Scheme is exclusively meant for the elderly persons and
the senior citizens. If you qualify for this basic requirement, you need to
assess the value of your property and avail the one time fund or avail the same
in suitable installments, as per your requirement.
CRITERIA FOR EQUITY RELEASE SCHEME
• The basic criterion for availing the benefits of this scheme is that you
must have crossed the age of 55 years
• The applicant for loan needs to have his own residence in which he
resides.
2. TWIN SCHEMES
• Under this scheme, you can avail a good
amount of loan, while you retain the
ownership of your property.
LIFE-TIME
MORTGAGE
SCHEME
• This scheme is not particularly popular
in the market because the loaner has
to sell the whole or a part of his or her
residential property in consideration
of a particular amount, in
consideration thereof.
REVERSION
SCHEME
3. PERKS TO USE AN EQUITY RELEASE CALCULATOR
In economic terms, equity denotes the actual value of a property. In order to
assess this true value of the property, the amount of other debts availed by the
applicant is deducted from the total gross value of the property. For this, a
specific portion of the home’s equity is converted into a lump sum amount
which becomes a mean of steady income or a bit of both of them.
• The applicant has to first assess his
eligibility and for this purpose, a
number of calculators are available
online.
THE MODUS
OPERANDI OF
THE SCHEME
• An Equity Release Calculator
computes in different ways for
inconsistent schemes from
different financing companies.
BENEFITS
4. A BRIEF RESUME OF EQUITY RELEASE SCHEMES
THE APPLICANT
NEEDS TO BE ABOVE
THE AGE OF 55
THE APPLICANT
NEEDS THE OWNER
NEEDS TO LIVE IN
THE SAME HOUSE
A REGULAR CASH
SURPLUS WILL BE
AVAILABLE
