Retirement is an exciting time and most people look forward to the days when they can relax and spend time travelling or being with friends and family at their leisure. It is a time to be rewarded for all the hard work that has been put in for the previous years.
However, understanding the retirement laws and what can and can not be done is important as well. The laws can become confusing and understanding them will make decisions much easier when retirement comes.
An important aspect of the retirement laws, is knowing what can be done with a home, to have that money that is needed to have a comfortable retirement. There are equity release programmes that offer a way to have the money that is needed, while still retaining the home too.
There are two different options when it comes to these programmes: there is the life time mortgage option or the home reversion option as well. The life time mortgage gives the home owner equity from the home and there is no payment to be made. The loan is paid back when the home is sold.
The home reversion option that allows the home owner to sell all or part of the home on a lease and the home owner will receive a lump sum or payments for life or even both can be done. Either way, these options can create the money that is needed in retirement.
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