Equity release is a great mean to deal with releasing money from the property you own at an old she or after retirement without the need of moving out from it. Basically, the eligibility criteria for this scheme generally from 55-65.
Types of Equity Release Schemes Available In the Market
Undoubtedly, there are a number of equity plans provided by Berkshire Equity Release. So, it gets even more important to understand and take expert advice on an individual basis first before reaching out to the company for any particular scheme. There must be some beforehand research on the comparison made in order to get the clear glance of what is going to happen or the results after the implications of the equity release.
There Are Generally Two Types of Equity Release Scheme
- Lifetime Mortgage: in this case you’re up for loans by securing it through your property and you tend to receive it in the form of monthly payment or lump sum cash without any tax levied on it. In case of roll-ups, the loan is being cleared after you die or move out of the property, finally when the property gets sold.
- Home Reversion: On the other hand, with home reversion plan, you actually opt for selling your property or residence in part or completely in return for which the company provides you with lump sum cash or monthly income without any tax. The house is being sold by the company after you die plan to move out of the house.
How to Save Money with Drawdown Plan?
- If you want to release cash from your home then opting for a plan with the drawdown option is advisable. It is an extremely flexible facility that lets you draw down your funds whenever you need it.
- It is always expected by a customer to get an equity plan that can help them yield profits efficiently so that the retirement days of their life run smoothly and that’s what company prioritizes to gain trust.