It is important to find and explore options when it comes to financial planning during retirement. After all, correct planning is the only way to optimise our financial resources and make the most of time after we retire.
Equity release is a concept that has caught on quite rapidly in recent years. Many people have reservations about equity release schemes, particularly because more and more people are opting for it earlier in life. Critics also worry about the loss of value and inheritance and the disproportionate debt that can build up.
However, interest only lifetime mortgages can make financial sense, as they require only repayment of interest, and the balance remains constant throughout. The Halifax retirement home plan was an example of this type of scheme. This scheme has now been withdrawn, however, Stonehaven offer an alternative to the Halifax Retirement Home Plan.
Stonehaven is a reputable financial company and one of the leading providers of equity release schemes. In fact, Stonehaven was the pioneer of interest only lifetime mortgages. Interest only mortgages can be perfect for those who wish to keep their inheritance intact.
Equity release schemes remain one of the most useful tools for retirees to plan their finances and optimise their financial assets. Using the correct equity release scheme can help you take advantage of the equity in your home without disproportionately devaluing your property.