Everyone wants to lead a relaxed life after retirement. However, it becomes very difficult to lead a relaxed life after retirement for the people who experience financial crisis. People have to face financial crisis because their income gets reduced due to retirement and the pension received by them is not sufficient to fulfill all their requirements. In such situations it is essential to find a source of additional income in order to solve the problem of finance, but it is to be noted that at this age it is not possible to work and earn additional income. So it is better to opt for Equity Release UK schemes.
Equity Release UK schemes have gained immense popularity among the retired people due to the benefits offered by them. By enrolling for these schemes, people can get guaranteed tax-free additional income along with the pension and are able to lead a stress free life. With additional income in hand the retirees are able to fulfill all their wishes and lead the golden years of life happily with family and friends.
However, it is to be noted that everyone cannot avail the benefits of Equity Release UK schemes because there are certain criteria that are needed to be fulfilled by the individuals. The people who want to enroll for these schemes should be 55 years of age or above and should own a property in order to get an extra income. They allow the retirees to get an extra income by releasing equity from their property.
Under the Equity Release UK schemes the retirees receive a certain amount of money from the equity release providers in lieu of their property depending on its valuation. This amount of money can be received either in lump sum or in regular installments. However, the greatest advantage of these Equity Release UK schemes is that even after receiving money against their property from the equity release providers the retirees can retain its ownership until their death and there is no need for them to repay anything. Now the question arises that what will be profit of the equity release provider? Actually, the equity release provider will recover the amount of money lent by them by selling the property after the death of the retiree.
Thus, these Equity Release UK schemes are highly beneficial for the retired people. Further, with the increase in popularity of these schemes many deals have been introduced to meet the individual needs of the retirees.
Dorthy Williams is a professional author who writes article on Equity Release UK. For more information on it he suggest to visit http://www.therightequityrelease.co.uk/.