In the run up to your retirement, you may be feeling a little anxious regarding your projected income. Indeed, the chances are good that you will want to bolster your pension plan with funds that come from another source, and lifetime mortgage and equity release products will help you to achieve this.
This kind of scheme allows you to borrow money from a third party using your home to secure the loan. You will find that the amount of capital to which you have access will vary according to the particular scheme, in terms of which the equity is released, and as a result you will need to make sure that you select the right plan for you.
You will also need to consider both regulation of the mortgage market and whether or not leaving a deceased estate to your family is something that is important to you. If you do decide to opt for equity release, the amount your children can inherit will be significantly reduced.
On the other hand, if you do manage to switch your mortgage for a lifetime or equity release product, you will also have access to a good deal of capital and this can be used to achieve a wide variety of things. You might like to use the money to set up a trust for your grandchildren, for example, thus providing a solution to the problem of inheritance.
In short, an equity release scheme will provide you with the funds to achieve your goals later in life. Whether you would like to use the money to pay off an existing mortgage, or to help your children on their way in the world, you will be able to do these things with the capital you have secured against your property.