Explore the key benefits of releasing equity from your home as the solution to your debts problems!
People of all ages have debts – the young as well as the old. In fact, the world runs on loans. This means that people are always in debt. There is nothing wrong with having debts as long as you are able to repay your debts. Unfortunately, you might be in a situation where you have hit retirement and have not been able to repay your debts. Without a regular source of income, you may have difficulties repaying your debts and are looking for the right solution.
We at UK Debt Consolidation have the solution that you are looking for – debt consolidation through equity release. If you are over 55 years and own your own house, you can qualify for an equity release scheme which will allow you to release equity from your house. We offer advice and help to home owners who are in their retirement and are looking for a way to consolidate their debts by releasing equity from their homes to pay off existing debts that have a higher rate of interest than mortgages.
Benefit of Debt Consolidation via Equity Release
Consolidating your debts through the use of equity release certainly does have its benefits. Here are just a few.
- All existing debts can be paid off at one time.
- Equity release normally has lower interest rates than other type of loans.
- With some equity release schemes, you do not have to worry about making any repayments.
- You only have the equity release loan to manage.
- The money that you receive is tax free.
You can release more money than is actually needed to repay your debts and can use that money to finance other aspects of your life.
Qualifying for Equity Release Schemes
- You must be 55 years or older
- You must be the owner of the property.
- The property must be in good condition.
- The property must have a minimum value of at least £70,000.
- You must be willing to have your property sold after you die or move into long term care to repay the equity release provider.