Posts Tagged ‘equity release schemes’

UK Equity Release Schemes can help boost your income

Posted on Monday, November 9th, 2009 in Equity Release

If your annuity does not give you the income you need then you can always look at equity release as a means to help you boost your income.

UK equity release schemes allow you to take an income or tax-free cash from your property. Available from age 55, if you have no mortgage or very little on our mortgage then you may qualify for an equity release scheme.

For a 65 year old typical amounts you can release are around 25% of the property value. So for a property worth around £200,000 this will allow you to release about £50,000 to spend on what you like. You could if you prefer drawdown a monthly amount instead and perhaps this would allow you to have a monthly income of £200.

These equity release schemes are similar to the reverse mortgages that are available in the US.

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This is filed under: Equity Release
Added on Nov 09, 2009 by admin | Comments 0

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