Equity Release Guide Helps You to Know the In and Out of Equity Release Plan

The concept of Equity Release is very old and it has been passing on from generation to generation. Equity means the total value of your house with out any mortgage rates. And equity release is a term which means to release the amount of money that you had piled up for your house throughout your life. The home owners above a certain age can apply for equity release. With the help of Equity Release you can gain a lump sum amount of tax free money which you can use to meet the requirements of your daily life. The money you get from an Equity Release can be used in any ground, such as going for vacations with family, clearing out old debts, family help, home improvements, health improvements, medical needs, daily expenses and many more. Since Equity Release process prevails among the aged persons, it most advantageous benefit of Equity Release is that they do not have to move out of the house. But only if they wish to settle somewhere else they can do that. Here is a small Equity Release Guide which will help you to know the ins and outs of the Equity Release system.

The Equity Release Guide helps to apparently overcome the hardships of old age. Who are actually eligible for Equity Release? The aged persons who have crossed fifty-five are eligible for Equity Release with lifetime mortgage plan and above sixty-five are eligible for Equity Release with home revision plans. The owner of the home planned for equity release should have no mortgages or a small one. The amount of money paid by the buyer of the house can pay the total money in cash at one time or in installments. This deal is done in between the old owner of the house and the new buyer of the house.