Age Concern Equity ReleaseRetire In Peace

The life after retirement is the most anticipated time of the lives of people who have spent most of their time working hard, trying to make ends meet for themselves as well as for their families. But this most anticipated time can turn into a nightmare with turn of events if you do not have enough saving or if your pension amount is such that it cannot take care of unforeseen emergencies that require huge financial support like an accident or a sudden hospitalization. In such circumstances if you do not have a cushion of quite a good saving to fall back upon, the only choices you have left are either borrow the money or sale or mortgage a property. But neither of the options is good enough. Borrowing money means being obligated to someone and selling or mortgaging a property can be heart wrenching. Age concern equity release is a friend you can turn to without any hesitation in such times.

Age concern equity release is a kind of property mortgage but there is a very important difference between the two. Before getting in to the difference, here is a brief about what age concern equity release is. Consider a situation when your pension amount cannot take care of your lifestyle or there have cropped up a certain situation where you need a lot of cash and the only asset you have is a house on your name, instead of selling the house or mortgaging it, you can opt for equity release. To be eligible for equity release you have to fulfill three conditions:

1.You must be a retiree i.e. your age should be above 60 and you must have had retired from your work.

2.You must own a property.

3.The property must be in good condition.

If you fulfill these conditions you can get your hands on money based on the valuation of your property. It is similar to giving your property in mortgage but the difference lies in the fact that your property will remain yours till the day of your death. You can stay in your house, call it your home and get money as well. The only disadvantage of age concern equity release is that after your death the property will belong to the company from whom you have bought the policy and hence you will not be able to leave anything to your beneficiaries.

You can calculate the amount of money you will get on your property yourself with the help of equity release calculator, if you do not trust your agent or the company. There are numerous websites available online that provide such calculators. All you need to do is enter certain details and you can get an approximate amount of money you are eligible to receive. As the money can be received either at a time or in installments, you can also calculate the installments and the number of years the installments will last. Hence retire in peace. You can search more about the plans online.