The Equity Release UK schemes are considered to be really beneficial for the senior citizens who are 55 years of age and above. These schemes are helpful for the home owners who get a fair chance to use their home, thereby earning an income through its higher value. There are various benefits of the equity release solutions or schemes. Some of the benefits that have come into immense focus state that these schemes offer a huge amount of cash exclusive of all taxes and it is used by the owner for the rest of his life as an annuity.
As per the facts and reports obtained about the Equity Release UK market, it may be mentioned that there are two types of plans that are available to the people as far as the market of UK is concerned. The first and the most popular among these plans is the lifetime mortgage. In this case, the homeowner keeps hold on his property ownership, but he has to repay the loan or mortgage as charged on it. This amount is inclusive of all the interest over a specified period till the lifetime of the property owner. However, in order to avoid any confusion regarding the calculation of the equity release UK, there are several companies that provide a free calculator in order to show a rough estimate of the amount that is liable to be released.
Among the two equity release UK plans, other is the reversion plan, in case of which, the homeowners sell their property completely or partly to the release provider to use that property without any type of rent. In addition to this, it may also be mentioned that the equity release market in UK is entirely regulated without any negligence under the Financial Services Authority also termed as FSA. The choice of the plan, however, entirely depends upon the suitability of the one who applies for it.
