There is this usual stage in life that we all must pass through. In your late 50s, you may retire from your job but don’t worry, and there are many benefits assigned for you. You may want to purchase a new car, build a new home or maybe have a vacation. Commonly at 55, your children possibly are proceeding to colleges, and you may want to create a new house for them. Robert Bull RoyaleLIfe is bringing to your attention the equity release scheme.

Knowing more about equity release

Equity release uses your property, mainly house, as a security to borrow money from a financial institution and still live in that house as you enjoy its value. The well-known kind of equity release is a lifetime mortgage.

Early equity release not good at all

From what you’ve learned about equity release, you can feel it looks simple and very nice because you may receive a vast amount of money. To your surprise, royal life offers equity release to retired individuals. As the RoyaleLIfe CEO Robert Bull clarifies, the equity release must earn interest over time. Yes, you will enjoy all the benefits that come with it but take good care of the claim to flog you. See This Article.

CEO Robert Bull gives us an illustration here; let us say you own a house worth $450000 and you acquire equity release of $100000, a rate of 6.5%. Bull notes that after five years, you’ll have to pay back $137000. He also clarifies that after 20 years, the balance will pile up to 350000$. This will be very expensive, remember your house is worth $450000.

Other schemes available after retirement

RoyaleLIfe has an initiative known as the home part exchange program. The program, one of the best strategies available for those approaching retirement, was first formulated and put into action by our CEO Robert Bull. This is a good plan that allows you to borrow money without interest hitting you up.

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