Do you know that your life can now be full of fun after retirement? Yes, it’s surprisingly true and you are not even required to force your kid to join a job and look after you. You can prepare your own bread and butter even if you stay without a steady income after quitting work. So, you are dying to know the way-out, right? Now, your property is in your name and hence you are secured here for lifetime. So, isn’t it a practical initiative to borrow cash against your property? No, you are not selling your home. In fact, you need to draw a contract with an equity release agency and release a certain amount to them to receive regular monthly payments in exchange.

Well, you might initially frown to come across this innovative idea. However, if you are highly bothered regarding assuring a secured future for you as well as your family members, equity release can never disappoint you. Moreover, if you are the homeowner, you can stay in your property for lifetime which however depends on the scheme you take up. Well, it’s advisable to consult a professional equity release adviser while choosing a policy in terms of your needs and wants. However, the Lifetime Mortgage and Home Reversion schemes nowadays are alluring plenty of retirees and homeowners. Let’s take a look at some of the prospective schemes:

• Roll-up Lifetime Mortgages – On receiving a set amount against your property value, the interests keep adding every year to the loan. The amount repaid to the equity release provider is actually the initial loan amount along with the collected interest.
• Drawdown Lifetime Mortgage – Just like the Roll-up option, this lifetime mortgage scheme is almost the same. The only difference here is that you can release cash according to your own wish.
• Interest Only Lifetime Mortgage – With this option, the applicant gets lump sum cash and rather can sustain full ownership of his property. Here if he wishes, he can pay the interests monthly.
• Home Reversion Plans – For such schemes, the homeowner can either sell the entire property or a certain portion of it to the equity release provider. In return, the latter gives a lump sum to the former. Now, if you sell a part of your property, the sold section will be retained by any of your family members and the rest would be handed over to the estate.

So, isn’t equity release a better option than pensions? Certainly, it’s the best in terms of fetching you good cash at the end of every month unlike any other retirement policy. Do your researches carefully according to your needs and wants, and if required, talk to a professional equity release provider.