If you are edging slowly but surely closer to retirement, and you are concerned about whether or not your pension will provide you with adequate income, the chances are good that you are looking at alternative means by which to remain financially viable.

There are many financial products on the market that may help you; however, perhaps the most effective and efficient of these is something like the Stonehaven Interest Select plan an interest only lifetime mortgage in short, but one that works differently to any you may have previously had.

This variation differs from a conventional mortgage in several crucial ways and the most significant amongst these is simply that you do not make repayments on you loan. Because the scheme is designed to extend beyond your lifespan, the debt will simply be repaid by selling the house at a later date. (more...)

For many people, retirement is an issue that generates considerable anxiety. The prospect of a monthly income that is dramatically decreased is not inviting by any standards, and if you are struggling to work out how to make ends meet on your pension plan, you may well be looking into the possibility of equity release.

Halifax equity release (and indeed all variations of this kind of financial product) allows you to get at the capital that you may have locked up in your residential property. You achieve this by taking out a loan and using the home to secure it.

Because the term of this loan extends beyond your projected lifespan, you are not required to make any repayments once you have the capital. Instead, the debt will be met at a later date when the lending party sells the house. (more...)

If you are currently contemplating equity release schemes as a means by which to supplement your income during retirement, you will be aware by now that there is a lot of variation in this particular area of the market.

Indeed, equity release is something of an umbrella term, and there are several different types of policy included beneath it. However, while there are variations between each of these, there are also certain features that remain steadfast throughout.

Fundamentally, every equity release scheme allows you access to the capital that is locked up in your home, while at the same time ensuring that you can continue to live in the property as long as you need to. In addition, because the policy is designed to come to term at a time beyond your projected lifespan, you will not be required to make conventional monthly repayments. (more...)

If you are approaching retirement age, then you will be looking for ways to boost your current finances. This can be quite easily done through an interest only lifetime mortgage, also known as an equity release scheme when it comes to those in retirement age.

Whilst banks and finance providers will be more willing to give loans to the younger generation, older people are considered a greater risk in terms of longeviety, and thus they will find fewer options available to them. However, what is one option if you are over 55, is called an equity release scheme.

This simply allows you to get a continuous income based on the value of your house, whilst you are still able to live in your home. This can be beneficial, especially to those in retirement age, as it gives you a place to live whilst you can also have a form of income. (more...)

When it comes to retirement age, most of us are looking for a way to try and find some money in order to prop up a pension. Or, if you do not have a pension, to simply carry on and survive. This is where self cert mortgages such as the Stonehaven interest select come into their own.

Simply put, yes, there are self cert mortgages that exist for those in retirement age. These are more commonly known as equity release schemes, and allow you to gain a constant flow of income, usually per month, up to the value of your home, so that you can continue living after you have stopped working.

The downside to this, however, is that you are simply giving up your house. The money has to be paid back again, and it is assumed that you will simply give up your house in the long run to pay for it; hence you are only given money up to the value of your home. (more...)

With the current economic climate, more and more people are considering taking out what is known as an equity release scheme. This guide highlights some of the dangers involved, however, some of which are not always made clear.

1) An equity release is simply another way of getting into debt. You can take out money up to the value of your home, in order to secure a form of income, but it still carries the same risk as a mortgage, and it is certainly something you should not consider unless you are in retirement.

2) The equity release means that you are technically foregoing owning your property, meaning there is far less in the way of inheritance for any of your children or family. This is certainly something to consider when thinking about taking out an equity release scheme. (more...)

In the majority of cases, people who live with a mortgage all their life feel the need to try and get rid of it as soon as possible after retirement or even before. They feel if they can get rid of their mortgage by the time they retire then they will be able to live much more comfortably.

However, now, more and more of us are considering taking on a mortgage into retirement age. Why? Because there are several added benefits to doing so.

For example, if you spend your entire life simply trying to fight off debt, you will have no money left for enjoyment in your retirement. If, however, you have taken out an interest only mortgage, you can make the current financial situation work for you. (more...)

Equity release schemes have soared in popularity, as more mortgage owners consider how the housing market has grown in previous years and now want to release cash from their homes. If you are a mortgage owner who has already released equity from your home, remortgaging an old equity release plan is certainly an option.

You should therefore be aware you can switch plans and remortgage an equity release and take a look at the advantages of new equity release schemes that can be arranged to give you a better deal & certainly peace of mind. The reasons to consider switching equity release plans are as follows:-

More cash for important needs: As we get older, our priorities change. Sometimes giving our loved ones the peace of mind that we have always been thinking of them in the long run matters a lot especially when we are not around. Remortgaging your equity release scheme will give you the chance to have more cash for you or your family when times are tough. As the financial markets tighten and the Eurozone situation becomes more tense, being liquid with cash is absolutely critical. (more...)