To make the life of old individuals easy and comfortable after retirement, several schemes have been introduced. Property equity release is one of them. In most of the cases, the retirees search for some other source of income besides their pension. This is because the trivial sum that they receive as their pension never serves their purpose completely. Thus, these equity release services have been initiated for them to avail. In fact, due to the presence of several plans, it is expected from the old aged public to compare equity release schemes properly before signing up for any such deals.

Getting enrolled with the property equity release deals gives the pensioners an opportunity to earn an extra income apart from the pension amount and the icing on the cake is that the payment is fully tax free. You also get an option to take the finance and utilize it to improve the overall condition of your home to get a better price for it in case you sell it. Some of the main plans that are offered under this deal include Lifetime mortgage, Home reversion plans and interest only mortgages. All the three options possess distinct attributes depending on which you are advised to compare equity release programs in order to make a wise decision and avail the best facilities offered by your choices.

The first option when it comes to property equity release plans is the lifetime mortgage. This is the scheme in which the retirees need to have a home ownership in lieu of which they would be offered a specific amount of money as monthly installments or the entire sum together. The lenders who provide them the money never force them to leave their house until they desire themselves to do so. In fact, they are free to stay there even till the end of their life. Several advisors are available who can help you compare equity release deals considering the relevant factors.

Second property equity release option is Home reversion in which the old homeowners of at least 65 years of age sell all or a part of their home to a reversion company at a fixed amount. However, until the house is sold, the owners are allowed to stay in it enjoying regular payments without any kind of repayment. The house is sold when the prices are high and after the sale, the amount gets divided between the company and the ex-owner. To compare equity release schemes in this case, you must analyze all the perspectives related to these deals. Try to gather as much information as possible so that you can make an informative decision.

Third on the list of schemes related to property equity release are the interest only mortgages in which the old property owners have to pay only the interest amount and no capital sum to the lenders. The amount that you can borrow completely depends upon the income that you make annually. In case of failure while repaying the amount, your home might also be taken back by the lender. These are the features of all the types of schemes. It is advised to you to do a proper and thorough research and then compare equity release schemes to select an appropriate deal that can best serve your purpose.