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National Equity Release Pension Conference

Equity Release Schemes - Introduction to the Various Types

It's every person’s dream to have an enjoyable and financially secure life in their old age. Have you ever thought how it is possible to experience an enjoyable life after retirement? The biggest drawback is that old people cannot go out for work and earn their daily bread! Some try and maintain some form of employment, even charity work to keep them occupied and working that grey matter. This is why these people keep looking for a steady flow of income. Various equity release schemes, pension schemes, insurance plans or retirement schemes can assure them of a steady income in their retirement period.

However, investing time and money in other schemes and plans might not be enough. You need to have something more reliable. Equity schemes are an agreement that takes place between a mortgagee and the mortgagor. Such equity release schemes are best suited for people over age 55 who do not have too much concern as to the inheritance they are to leave their children from the eventual sale of their property.

There is a vast difference in principal between equity release schemes and normal bank loans. The amount originally released via an equity scheme will be repaid should the borrower either die or move into long term care such as a nursing home. Amongst all, the roll-up lifetime mortgage is one of the most common forms of an equity plan that assure repayment from your house value. As long as the borrower is alive, he still has full ownership on his property and can continue living there.

The interest only lifetime mortgage is another type of equity scheme. It is almost similar to the lifetime mortgage scheme, but with a twist. Rather than the interest rolling up, the borrower only has to pay the amount of owed money at the end of the mortgage rather than paying the capital debt and the interest. The amount of interest is paid by the borrower as long as he is living in the property. This means you have a monthly payment to make.

The payment amount is based on how much you removed in equity. The lower the lump sum the less interest accrues on a yearly period. You still make a monthly payment, but it is calculated using the annual percentage rate. In this way it is a lot like a standard mortgage. The only difference between interest only mortgages and interest only lifetime mortgages is the duration of repayment. Most interest only mortgages require a ten year period before the entire balance is due. With the interest only lifetime mortgage you have until you move out or die. It just keeps going till you are ready to say end.

On the other hand, home reversion plans are referred to as one of the less common policy types. The home reversion provider offers a lump sum amount to the borrower, who in return sells a part of or his whole property. One advantage of this scheme is that whatever percentage is unsold will be guaranteed to pass to the beneficiaries upon eventual sale.

Since you sell a part of the property you receive money. It is a percentage of value lower than the actual market value. At your death or move to a new home, you sell the remaining portion to the provider. They give you the rest of the money for the house. The provider then sells the home on the real estate market and recoups their loss. The difference in what you are paid and what they get in the sale is their profit. The best part is you live in the home rent free until you want to leave.

You may have qualms about opening a new mortgage, even if you do not have to worry about monthly payments right now. For this consumer the home reversion plan exists. For those who do not wish to sell part of their home, lifetime mortgages are better. They might end up selling their home, but at least it is theirs while they are living in it.

Qualifications

• A home reversion mortgage requires you to be at least 65 years of age.

• Any lifetime mortgage can start at 55 years of age, and although you may take out this loan up to age 99, the average age is below 80.

• With these two categories of releasing equity, your home must undergo an evaluation.

• Your health is also factored in especially with the enhanced lifetime mortgage designed for those with health issues.

Equity release can be used for many different purposes, many of them lifestyle, but for many they are essentials to cover the costs of living in todayís economic climate.


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