Bolster Your Retirement Income with Equity Release
elease cash from your property with equity release in your post retirement years. A good way to keep your golden years in the realm of financial security is it. Since it is quite a secured financial scheme, more and more people all across the United Kingdom are opting for it with each passing day. Equity Release Getting Popular Of late the Equity Release Council has reported an almost 11 percent increase in the third quarter of 2012. The total advances have reported to have reached £248.9m in the third quarter of 2012 that is compared to £224.8m in the second quarter of 2012. This is said to be a 21 percent increase from the third quarter of 2011. In 2011, it was reported to be £206.11m.
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These figures suggest that the market is back on track for a sustained growth. This is said to be the largest amount of equity release since the fourth quarter of 2008 when it was calculated to be ÂŁ274.1m. On the other than hand the number of plans that were sold increased from 4, 302 in the second quarter of 2012 to 4.777 in the third quarter of Photo Source: http://bit.ly/WFS0RM 2012. This is the highest number since the fourth quarter of 2009 when it was 4, 888. This can be hinted at a renewed consumer interest in the equity release products. This therefore is great news for the market. Equity Release Rates Falling Recent researches show that the lifetime mortgages rates have fallen from 7.23 percent in September 2007 to 6.4 percent today in 2012. The sales of the plans have increased. This is great news not just for homeowners but people who are planning to switch their existing product to something with a lower interest rate. Researches also show that around 31 percent of the pensioners have used equity release during the first half of 2012 compared to 23 percent in the same period of last year.
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The last few years have seen a good awareness among consumers of equity release to supplement monthly incomes that have been squeezed by a high inflation, the falling of annuity rates and the disappointing pension fund returns. As for anyone who has taken out an equity release product in the last five years may want to get professional financial advice as whether a switch from their existing financial plan to equity release is a realistic one. But with the popularity of equity release increasing and the rates of the mortgages falling, more and more people are considering equity release as a profitable financial aid for their near future.
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It is a Time for Continuing Innovation The continuing innovation in the market with the introduction of plans designed to tackle interest only issues together with enhanced products have been of great boon to the retirees. This has also been of special benefit to people with medical and lifestyle conditions. The market is constantly expanding and in this scenario more and more people are fishing for a product that will suffice their financial needs and keep the interest rates at a check as well. The recent researches already suggest that people are thinking of equity release when they are planning their retirement. With the wallet strings being firmly tightened, it is possible for people over the age of 50 to consider additional sources of retirement income. Hence at this stage no other plan can seem to be better than living in your own home and being able to draw money from it that is tax free. 4
Keeping these considerations in mind, you can think of equity release as a feasible solution to finance your retirement years with a plan that is all set to benefit you from all angles.
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Published on Dec 26, 2012
Published on Dec 26, 2012
This article will give you an idea on how you can enjoy your retirement years with equity release. Comprehensive information about the rise...