If you have recently retired and finding it a struggle to cope with day to day living on your current income then you could consider an equity release loan as a way to increase your retirement income. Pensioners often find after a few years into retirement that managing day to day income is a struggle.
Equity release is not just about raising a tax free cash lump sum it can also be used to generate a regular income which could help you manage day to living expenses. You can normally release as little as £50 per month from an equity release plan and have it paid into your bank account each month.
How do I release income from my property?
First of all lets remind you of the criteria for an equity release loan. You need to own your own property (value at least £70,000) and the youngest person if there is more than one needs to be at least age 55 years old. Also, any outstanding mortgage on the property will need to be cleared on completion of the equity release loan.
You can of course approach all the equity release loan companies direct, but generally you will get the best equity release loan by using an independent equity release loan broker. They will search the entire market on your behalf and find you the best income generating equity release loan.
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