Are you going to retire soon? Are you indebted to someone or any financial institution? You need not worry as there is a solution to your problem. If you have purchased any car and cannot repay the money since you have retired from your work, equity release scheme is the best option. It will help you in clearing the debt and you can become tension free. You can maintain the same lifestyle which you once used to lead before retirement. So feel relaxed. What you can do is, go to one of the Equity Release Companies and seek help.

If you are above the age of 55 years you can avail this advantage. There are different equity release plans and you need to take equity release advice before you purchase such schemes. There are also some lifetime mortgages and home reversion plans acquired under these equity release schemes.

How can you release the equity money comfortably?

What happen? Are you still thinking how you can release the money without any effort? Don’t get tensed. The cash is generated from the equity attached to your housing property and the sum that you will get, depends on the value of your property. At first the equity release advice service companies provide 21% of the value of your property when you are at the age of 55 years. It gets increased by 1% every year and reaches about 56% when you attain the age of 90 years. The maximum quantity that can be drawn down varies from company to company.

If you want to contribute something to your family or present something to your grandchildren or spend a holiday at any place, such schemes are very useful. You can spend the lump sum amount of money that you derive out of this, in whatever way you like. If you want to buy a four wheeler of your choice, you need not ask for the money from your children. In one word you become independent.

Another important thing regarding this

The rate of interest for an equity loan is generally fixed. The rate is usually accumulated against the sum you borrow and it is for your entire life. It is always important that you need to take care of your arrears and the less arrears you have, the more amount you will get in return.

Therefore, stop worrying for your future life as these equity release companies are definitely going to help you out. You should also take advice before purchasing these schemes. You can easily pay off your debt and reduce your liability.

Author's Bio: 

The author, Jerome K. Taylor gives you advice on how you can secure your retired life. Equity release advice services are gaining much popularity and they focus on important schemes and how you can release home equity.