Equity release is a policy that is a relief for all retired people. You can tide over any financial crisis situations after retirement by just opting for an equity release policy. While you are working you do not think twice before taking a loan when there is a financial crunch since you are sure that you can repay the loan with your monthly income. But after retirement you need to think more than twice before taking any loan, especially if you do not receive any pension or if your pension amount is really small. Equity release can help you there since it is a one of a kind loan that does not require repayment, if you cannot afford it. How is that possible? You must be wondering, let me explain. a fantastic read
Equity release is a loan that is given against the valuation of your property. Hence the amount would totally depend on your property and not your needs. You can calculate the amount of loan you would receive though against the valuation of your property through an equity release calculator available online. You can choose to receive the loan as monthly installments or a total lump sum amount depending on your needs but it is advised that you go for the former option since that would not depreciate the value of your property. If you do not have any financial crisis to combat, you can just have the money to enjoy your retirement days. There are numerous companies that offer equity release loans and each company might provide you different amounts. Hence the utility of equity release calculator. Instead of going around asking for quotes from individual companies, visit their websites and use their equity release calculator to find out how much amount of loan you are eligible to get. You can also calculate the amount of monthly installment that you might receive through an equity release calculator.
The only thing not so praiseworthy about an equity release loan is that you will not be able to leave anything for your beneficiaries since the property after your death will belong to the lender company, if you have been unable to repay the loan amount. The remaining amount as per the equity release calculator, if any, would be given to your beneficiaries though, but that is all they would receive. But nevertheless, you can spend your retirement days in peace and tranquility.