The prices of the houses have more than doubled since the past few decades. So, the house owners are turning towards their houses to finance their retirement years. If you look around a bit, you will find a number of schemes and they deliver all that they promise. But you have to do your research and find out just the scheme which is going to suit your specific circumstances. These schemes are best for those who are aged 60-70 years as they stand to gain the most from these schemes.
In order to be eligible for the scheme, you have to be within the 55-70 years' age bracket, be the owner of a property that is valued at or above £30,000 and is preferably a freeholder. If you meet these criteria you are good to go. You will get a loan against your property which can either be in the form of monthly payments or as lump- sum cash. But before you agree to the terms you have to ask the following questions. Based on the answers to them, you have to take your decision.
The amount that you can expect from releasing equity depends on a number of factors. So it is best to take the help of an equity release calculator to be sure. In any case, make sure that your family is duly involved in every level of the process since an inheritance fuelled feud is the last thing anyone would wish for in their family.