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No one can ever stop the aging process of people. At some point in our lives we would have to face the ordeals of having wrinkled skin, health problems, and sometimes worries of funding ourselves during retirement. Many people worry deeply about their retirement years. For many the days of relaxing after a lifetime of work and doing the things we’ve always longed to do have gone out of the window due to recent cuts made by our Government. However it isn’t all doom and gloom and there is a way forward if equity release was given a fair chance by people looking for more cash to fund their retirement years.

Equity release is simply a way of releasing tax free cash from your home. Providing you are aged 55-95, a UK homeowner and own a property worth at least £50,000 you are already part qualified for an equity release scheme.

Like any financial product or service, there are positives and negatives which are bound to affect you in one way or another, making it paramount that you contact an independent equity release specialist for advice.

Today you can find out how much money you may be able to release from your home through an equity release calculator. An equity release calculator works on the basis of your age, property value and how much money you owe on your mortgage. There are some plans that take into account your health and lifestyle which is why you should speak to an adviser to find out more.

There are currently three types of equity release schemes on the UK market. These are called a lifetime mortgage, drawdown lifetime mortgage and home reversion plans. The three types of plans available all come with their own advantages and disadvantages which you need to discuss with an independent financial adviser.

Equity release at a glance;

• Receive tax-free cash lump sum or income,

• No monthly repayments to make,

• Freedom to spend the money in any way you wish,

• Stay in your home for life or as long as you choose,

• Range of plans available,

• Value of your estate is reduced,

• Entitlement to state benefits may be affected.

With an equity release scheme you can spend the money how you wish with popular choices including home and garden improvements, holiday and travel, helping family or friends, covering the cost of care, easing the cost of day to day living, clearing debts (think carefully before securing debts against your home).

For more information on equity release speak to an independent equity release adviser today.