When the time of retirement nears, you start ransacking various pension schemes for a steady retired life. But nowadays pension schemes are not attractive enough to assure you for a better future. So why not opt for equity release on property? Its one of the splendid ways to earn hard cash while you enjoy being the owner of the house. In fact, property equity release can help you in executing your future plans like buying a new car, a new home or rather a vacation. Equity release on property lets you to withdraw money against the value of your property. So you can just call the provider today and draw an agreement with him.

Equity release on property apart from covering a wide range of schemes, offers you to withdraw in lump sums so that you can enjoy a regular income. Mostly people who are above sixty can enjoy this benefit. However, you must not have any outstanding mortgage and must own a property in good condition. Equity release plans are mostly complicated and therefore you must always seek advice from experts. Its also one of the serious decisions regarding your property as your children or any other member of your family might lose a big part of it.

Through the equity release on property plans, you can withdraw lump sums up to tens of thousands of pounds. The amount which you withdraw from the value of your property is absolutely tax-free. To enjoy the benefit, you don't need to sell or shift your property. However, its very important to go for reputable schemes for equity release on property so that you can be provided with hardcore guarantee that you will be able to live in your own house. Now, if there is no one after you, especially your kids, equity release plans can be highly attractive for you.

Now, lets have a look at some of the equity release schemes:

Home Reversion Schemes – As far as home reversion schemes are concerned, you can sell your property or a certain part of it to a reversion company and get a big amount of cash as your monthly income. Now, if you die, your house is sold and the reversion company provides you the payout. For instance, if you sell 40% of your property to the reversion company, they will give you 40% of its proceeds. You can always contact the equity release companies for knowing about the home reversion schemes.

Home Income Plans – These are one of the reputable plans for equity release on property. Here you can withdraw a mortgage against your home and therefore utilize the money for buying an annuity that comes as a rock-solid guarantee for your entire life. There are many equity release companies that offer home income plans.

Lifetime Mortgages – When the tender provides you a monthly income in a lump sum, you don't need to pay any interest then and there. Your interest gets added to the loan. Now, when you die, the borrowed money along with the interest is repaid out of the total proceeds of your property.

As already mentioned earlier, equity release on property is a serious decision which you must share it with your children or elders of your family. These decisions often result in misunderstandings, and therefore its always advisable that you discuss thoroughly prior to opting for equity release on property.