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People looking to move into their retirement years look forward to the prospect of relaxing and doing the things in life they have always longed to do. However with people’s pension pots in crisis, many people are worrying that they won’t have enough money to fund their retirement years due to their pension pots not being as rosy as they would’ve hoped.

The average state pension for 2010/11 currently stands at £97.65 per week; however some people may get less than this. Many people may have saved a private pension with their employer; however sometimes it isn’t enough to fund them through their retirement years.

Equity release has been seen as a potential solution for people who have their own home but not enough cash in the bank. If you are a UK homeowner aged 55-95 with a property worth over £50,000 then you could release cash from you home to spend in any way you wish.

Through an equity release calculator you can find out how much you may be able to release through an equity release scheme. The results are simply an estimate and you should further consult an equity release specialist who can advise you on your enquiry. Equity release calculators are free and very easy to use and work on the basis of your age, property value, how much mortgage you still owe on your property and in some cases your health and lifestyle.

If you are worried about how retirement will affect you and your income, then why not take a look into equity release? A way in which you can release cash locked up in your home to spend as you wish.

There are currently three types of equity release schemes; Lifetime Mortgages, Drawdown Lifetime Mortgages and Home Reversion Plans. All three schemes vary in their features so it is important that you contact an independent equity release adviser to find out which type of scheme suits you.

With an equity release scheme you can spend the money how and when you wish with popular choices including;

• Home and garden improvements,

• Paying off bills or outstanding debts,

• Holiday and travel,

• Treating family members or friends,

• Generating income for day-to-day living,

• Paying for a special occasion or celebration,

• Paying for medical or residential care.

Equity release is a big financial move that shouldn’t be taken lightly; however there are easy ways you can find information and advice trough the simple clicks of a mouse.

Firstly you can use an equity release calculator to find out how much you may be able to release from your home. An equity release calculator works on the basis of your age and property value. In seconds you can find out how much you may be able to release. There are also equity release plans available which take into account your health and lifestyle so speak to an independent adviser today to find out more.

If equity release is to be your next move then make sure that you consider plans that offer the following guarantees:

1. A no-negative equity guarantee, so you can never owe more than the value of your home,

2. The right to remain in your home for as long as you choose,

3. The freedom to move to another property without financial penalty (subject to criteria).