by : Derrick Adolfo

For people who are retired and old, life may begin to feel like a burden. Apart from the pains of old age and health troubles, it is basically the financial troubles that can beset the old folks. Pension may not be giving the 'extra' you need. It may not suffice for your other plans. However, you may also have property which serves you no other purpose except as a place where you live.

Do not worry, because with the equity release scheme, it does not have to be this way. This is one viable scheme for the old homeowners, which gets you to release the equity of your house, or your fixed assets are estimated and given an agreed amount of cash over a period of time. It essentially ensures that if you have a house or property, you need not worry about anything else. Your old age can be financed and taken care of-by your home equity. If you have property, its equity can be released such that your monetary priorities are fulfilled. Your property can ensure that you retain the rights to enjoy your life just like before, as this scheme serves to cater to your costs of living.

This scheme can come in handy in any situation that you have to overcome and wherever, money, or more specifically cash, can solve your problem. With quick access to cash, you can fulfil any other urgent needs which includes settlement of outstanding debts. In the equity release scheme, it is usually agreed over a written contract that the lender gets the repayments in the form of the equity worth of your property after death. This means your entire lifetime is taken care of.

However, it is good to consider a few things. The primary thing is that the amount you are being offered at should be more or less equal to the inheritance value of your home. This involves complex calculations and your decision can be taken best after counselling from financial experts.