To make the old aged retirees capable to manage their financial requirements and expenses, the plans of age concern equity release have been introduced by several equity release providers. This equity release schemes offer an extra tax-free earning to the retiree personnels along with the monthly pensions. These programs of equity release permits the retirees to enjoy a lump sum income that they receive in lieu of their own residential property.

The feasibility of terms and conditions of these age concern equity release schemes make these plans most beneficial schemes for the aged homeowners. Numerous equity release providers exist who provide aged people with variety of equity release plans to assist the old retirees to choose the one absolutely suitable according to their situation.

Before further discussion it will be best to know what this age concern equity release is all about. Basically the equity release is the cost of residential property of any individual deducting the value of unpaid mortgage (if any). Equity is converted into cash providing individuals the freedom to spend it on anything and any way they like. Being an aged home owner over 55 years, these age concern equity release schemes can open up new interesting probabilities for you.

Several equity release providers releasing such age concern equity release provides several individuals with opportunities like:

1. Releasing good amount of cash from their residential property. Individuals can continue their staying in their property till their death or they feel like moving to any other place.

2. The cash the individuals will receive is not taxable income. They can get the entire money at a time or can accept the scheme of installment or a combination of both these plans.

3. Individuals can easily top up their retirement earning

4. Individuals can repay the mortgage, or assist their children get on to the asset ladder

5. Individuals can easily repay other debts they owe.

6. Individuals can purchase another home with the money they are receiving from this

7. They can plan a great fun filled and unforgettable holiday for their family

8.individuals can use this money to improvise their homes. They can meet the cost of needful repairing of the homes with this money

or 9. They can simply improve their lifestyle.

This age concern equity release schemes are mainly of three types. The three types of schemes are discussed below in details for better understanding of the individuals.

1. Lifetime Mortgage – this lifetime mortgage is one of the most popular mortgage plans of current days. This lifetime mortgage permits individuals to release a lump sum cash from their property value. From these released amount the unpaid mortgage value(if any) is deducted. The accumulated interest amount is repaid out of their property when they move into some long term care or pass away.

2. Drawdown Lifetime Mortgage – this drawdown lifetime mortgage is more or less similar to the aforesaid lifetime mortgage, but it has some additional flexibility. The cash may be released over time, whenever required, that may reduce the increased interest amount.

3. Home Reversion Plan – this is the third type of age concern equity release scheme. Individuals surrender partial or entire ownership of their property in lieu of a lump sum of amount and they also have the right to live in the home as long as they live that too without paying any rent.