The Basic Rules For Equity Release and Descriptions On The Main Types of Schemes Available
Equity Release is actually a loan that is secured on your property & assists people who are retired & over 55 to access money tied up in their property.
The word ‘equity’ itself means the value of your home less any mortgage or loan that is secured upon it. This equity is the cash that you can be looking to release to help your cash flow in your retirement years.
This money can then be spent on anything you require with no restrictions being placed upon it by the lender.
However, the most popular purpose of home equity release is for debt consolidation reasons. This would involve settling any mortgages, loans or credit cards which are proving difficult to maintain.
Once these debts are repaid, they have the effect of reducing your monthly outgoings & giving you extra disposable income to enjoy.
You can also carry out home improvements including building a new conservatory or even new kitchen, bathroom or maybe landscaping the garden.
From my 10 years of experience in the equity release uk industry I have found the uses for the tax free lump sum to be limitless, but for many, life changing!
How does equity release work in practice?
These equity release provide you with a tax free lump sum or an income which can be used to help you financially in retirement. The scheme runs for the rest of your life & is only repayable once the last person has died or gone into care.
The lender will place a first legal charge on the residence so that when the property is finally sold they receive their payment first. If there are any funds left over, then the nominated beneficiaries in your Wills we receive the remainder.
Evidently, equity release is a form of mortgage but without the monthly payments. With no repayments required, equity release schemes have NO resulting effect on one’s outgoings when affordability can be a key issue.
There are two types of equity release schemes; lifetime mortgages & home reversion plans: -
A lifetime mortgage is the more common plan available. In essence these schemes are a form of retirement mortgage, but with interest added to the capital annually. The amount that will finally need repaying depends upon the duration of the plan term & how much the property is sold for at the end of the day
In contrast, a home reversion plan operates by the applicant actually selling a fixed percentage of their home. The reversion company then part-owns the home. This percentage sold will be the amount that the reversion company retains when the final sale of the property is made. This results in a guaranteed inheritance for the beneficiaries.
Mark Gregory is the founder & director of Equity Release Supermarket who have been accredited ‘Best Financial Advisers’ at the Equity Release Awards 2008.
Mark is an experienced Independent Financial Adviser who has now been providing quality advice on retirement finance for the past 10 years.
As a result of his experience, he has exclusivity to deals with some of the UK’s leading financial providers.
He aims to pass on his experience in assisting the over 55′s decide which method of releasing equity is the right choice for them.
Additional literature on equity release can be found by reading Mark’s articles which will provide all you need to know about equity release schemes.
Also please visit his market leading equity release information website at http://www.equityreleasesupermarket.co.uk.
|
|
Yongnuo RF-603 C3 2.4GHz Wireless Flash Trigger/Wireless Shutter Release Transceiver Kit for Canon 1D/5D/7D/50D/40D/30D/20D/10D Series $26.21 The brand new RF-603 is a remote shutter release as well as a multi-functional radio flash trigger which can synchronously trigger flashes and studio strobes. Through the transceiver based system each item can be used flexibly as trigger or receiver. Only 2 AAA batteries are required as power source for each item. The 2.4GHz wireless frequency is suitable in most countries and guarantees high spe… |
|
|
Yongnuo RF-603 N3 2.4GHz Wireless Flash Trigger/Wireless Shutter Release Transceiver Kit for Nikon D90/D3100/D5000/D7000 $27.92 The brand new RF-603 is a remote shutter release as well as a multi-functional radio flash trigger which can synchronously trigger flashes and studio strobes. Through the transceiver based system each item can be used flexibly as trigger or receiver. Only 2 AAA batteries are required as power source for each item. The 2.4GHz wireless frequency is suitable in most countries and guarantees high spee… |
|
|
Aputure Trigmaster Plus Kit (2x Transceivers) for Canon, 2.4GHz Radio Remote Flash Trigger and Shutter Cable Release for Canon EOS Digital Rebel t1i, t2i, T3, t3i, xt, xti, xs, xsi 300d, 350d, 400d, 450d, 500d, 550d, 600D, 1000d, 1100D, 60D, 50D, 40D, 30D, 20D, 7D, 5D, Mark II, 1Ds, Mark II, III, IV and Speedlite 430EX, 430EX-II, 580EX, 580EX-II $58.95 Retail Package include: 2x All-in-1 TX/RX, 2x connection trigger cable for Canon cameras, a studio flash sync cord, a PC sync cord, 4x AAA batteries. The All-in-1 Trigmaster plus is a ultimate solution for professional and occasional photographers. Its attractive design, and loaded features all values to this product made to last, and reliable…. |
|
|
Night and Low-Light Photography Photo Workshop $16.54 Finally! A resource that sheds light on the unique challenges of night and low-light photographyWith their unique sets of challenges, night and low-light photography are often touted as some of the most difficult and frustrating genres of digital photography. This much-needed guide demystifies any murky topics provides you with all the information you need to know from choosing the right gear and … |
|
|
David Busch’s Flash Photography Compact Field Guide $8.76 Do you wish you had the most essential information you need to shoot compelling photos using your digital camera’s built-in or add-on electronic flash? DAVID BUSCH’S FLASH PHOTOGRAPHY COMPACT FIELD GUIDE is your solution. This new, lay-flat, spiral-bound, reference guide condenses all the must-have information you need for shooting great flash photos into a portable book you’ll want to permanently… |
|
|
Creating a Web Site with Flash CS4: Visual QuickProject Guide $7.99 With most U.S. households having Internet connections, more people than ever are looking to develop their own sophisticated Web sites. The need for easy-to-grasp information on how to make an interactive and well-designed site has never been higher as more people need to learn or improve their Web skills. For the busy professionals whose boss wants them to jazz up their Web site, or the student bu… |
|
|
2011 New Release. 7 Tablet PC Android 2.2 with wifi, Flash support, MULTI TOUCH $70.99 1*super thin 7 inch tablet pc with wm8650 processor. 2*The tablet pc is equipped with 7″ display that allows users to easily view documents and webpages comfortably 3*android 2.2 OS |
|
|
Maxell AirStash Expandable Capacity Wireless Flash Drive A02 (Included Starter 16GB Class 10 SDHC Card) $179.99 The Maxell AirStash is the first and only pocket-sized wireless flash drive to combine the portability of a USB flash drive, the flexibility of SD flash media, the power of media streaming to multiple users and two-way wireless document transfer capability. The AirStash is the perfect companion to the iPod, iPhone and iPod touch user who wants to view, save and share documents and media on the go…. |
|
|
Canon / Simpletech 4GB Compact Flash Memory Card. $27.99 Photograph your passion with SimpleTech CompactFlash for digital cameras. SimpleTech digital media provides the high capacity storage that today’s digital photographers need to snap all the pictures they want on a single card. Compatibility is never an issue because SimpleTech digital media are manufactured and tested to industry standards…. |
|
|
Audiovox FLCAN Multi-Platform Canbus Enabled Doorlock Interface $52.09 This product supports all our vehicle integration solutions including CANBus applications for both passive anti-theft bypass (transponder, Vats, Passlock, PK3, etc) and convenience features such as doorlocks, trunk release, sliding door control (where applicable) etc. This module supports 30 brands, 361 models and total 1786 vehicles. Common Downloadable Software Flashlogic (RS232) Communication F… |
