Retirement is an incredible part of life that allows older men and women to sit back and relax after they have spent their lives working and taking care of their families and homes. Those going into retirement will enjoy a certain amount of money each and every month; however, some retired people will find that the amount they are receiving is simply not enough in general or is not enough for them to enjoy added benefits such as carrying out home improvements or setting up a savings account for their grandchildren.
One easy way to obtain more money is by considering equity release. Since the credit crunch hit in 2010, equity release schemes have built their way back up to the top of the popularity charts and are now offering customers incredible equity release deals. The current crop of offers have arisen due to the increasing amount of competition the industry has brought upon itself. One which is proving cost effective is the equity release cashback deal and is only one of several benefits which are available when applying for an equity release currently that will give retired people the resources to live and improve their lives upon.
Deciding to get an equity release cashback deal at this moment this time will undoubtedly give you many options to consider. This will include whether a cashback deal is of value, as it may have an influence on the interest rate. For instance the Aviva Flexi plan now comes with the option of £0 cashback, £500 cashback & £1000 cashback. However, the more cashback you take, the higher the interest rate becomes. Therefore, a larger cashback would benefit the smaller releases. Conversely, the lower cashbacks would help the larger releases as they would benefit more from a lower interest rate.
However, don’t just choose an equity release provider because they have the biggest cashback deal! There are many facets of these plans that need analysis and it is important to do plenty of research between the various companies and the deals they provide to decide which plan is right for you.
All these equity release deals only apply on lifetime mortgages which are now the most popular form of equity release scheme available. As such, lenders are pushing their products aggressively with the resultant effect being a competitive marketplace.
With some equity release cashback deals also comes a free valuation, which means that NO upfront fees will be required by the lifetime mortgage companies. Therefore, at both ends of the application process you have money saving features to benefit your pocket on the overall set up costs.
Finally, to top off the great equity release deals currently available, the interest rates on equity release schemes are now the LOWEST they have ever been. For example the Aviva Flexi plan has rates now starting from 5.57% which is a considerable fall from the equity release interest rate highs of over 8% many years ago. The market has certainly taken some huge strides ever since those days.
Those who are retired deserve nothing but the best. If you find that you simply don’t have the amount of money you would like, consider an equity release. With the market providing cashback deals, free home valuations as well as incredible interest rates, it has never been a better time to consider a release of equity.