Most of us may have come across the term equity release. However, only a few people are able to understand what it actually means. To elucidate, equity release means a range of products that may allow you to access the cash or what is referred to as equity in the relevant industry. In other words, you get the cash amount that is actually available to you in the form of your home. It is valid for persons that are above 55 years of age. Under equity release, you are free to take the money you wish to release in the form of a lump sum amount or in the form of smaller instalments. Even you can opt for both options. You may opt for a dependable equity release calculator and know how much cash you can actually get. There are numbers of benefits associated with equity release as explained hereunder.
Get cash that is free from any taxes
Perhaps it is one of the most important benefits associated with equity release. By knowing about the cash amount facilitated by an equity release calculator, you can get the same and also remain free against paying any taxes for the same. It means the cash you get against equity release is free from any taxes and hence you may use the same in a way you wish to.
Keep staying in your own home
Even after opting for equity release that is basically related to your property, you may keep staying in your own home even after retirement or for the time period as discussed in the terms and conditions of the agreement between the two parties.
Remain safe against any monthly repayments
The mortgage that you get in the form of equity release also saves you from paying any monthly repayments. It is entirely your wish to opt for the repayments option or avoid the same.
Get ready cash whenever you wish to
It is also a great benefit of equity release that can be availed of by you. It means you are free to opt for a lump sum amount of cash or get the same in the form of monthly instalments as decided between you and your plan provider.
These are the major benefits of equity release that may be availed of by you provided you fulfil the related terms and conditions as per the local laws. It is an easy way out to have the cash you need to fulfil your monetary requirements.