Retirement is something that we all look forward to one day. We spend a large proportion of our lives working and saving, taking care of our families, meeting financial demands and sacrificing a lot of time and money. Retirement is a time to enjoy life, but the wrong advice can turn your situation into trouble, so as you look at Citizens Advice agencies keep in mind you are the decision maker.

Reaping Rewards of Retirement
When it comes to retirement, there is no reason to not receive the rewards for your hard work and sacrifices that were made. The good news is that there are options when it comes to ways to have the retirement that you are looking for.

There is the option of an equity release plan if you own a home. Citizens advice and other similar advice agencies can help determine if this will be the best option for you and how the equity release programme should be set up to work best for you.

Using an equity release programme can give you the money you need in retirement and ensure that you can take those holidays, go on trips and enjoy yourself once you have reached that point in life.

There is no reason to have to struggle in your retirement years or have to change your standard of living either. You have worked to long and hard to not be able to do what you would like at that time in your life. Checking in to an equity release programme and others can ensure that you have the retirement that you want.

What Equity Release Entails
You have a name for a helpful product, but what does it do and how can it really free you to enjoy retirement?

First, you are able to access equity you have in your property. Remember that 30 years you paid on a mortgage to own your beautiful home? The money towards that loan has ensured you own it free and clear of debt, so that the value of a sale on that property can turn it into cash.

You could sell your home right now and have cash for retirement. But, like many retirees you want to enjoy it a little longer and find you are asset rich and cash poor.

With equity release you are able to use home reversion to sell the property or at least a part of it thereby unlocking equity tied up in the home.

Through lifetime mortgage you obtain a loan with interest, but not a standard mortgage. Instead, you receive equity without repayment until you die or decide to move to a long term care location. The interest simply compounds onto the loan until it is repaid.

With money in your pocket you are free to enjoy life, a once in a lifetime holiday or simply paying the bills with some left over for movies, dining out and other lifestyle entertainments you love.

The Downside to Equity Release
Equity release is not without its cons. Obviously you either give up some of your ownership on a property, thus a little of your control or you have repayments to make. The more equity you release the less equity left in the home. If interest accrues it means the value of your home you took plus interest could become a total of the value of your home. In other words, you’ve used up all equity you had and leave nothing for your beneficiaries when it comes to the home.

Only when the interest and capital sum total to less than the value of the home will there be equity left to give to your children. Most often a sale of the house is required. The only way to make the house the inheritance is to have life insurance to pay the loan off.

For home reversion the home has to be sold in full at death, thus any remaining equity is given as a tax free cash inheritance to your family.

By now you understand the reason for seeking property advice from Citizens Advice and other online locations. A failure to compare various products available to you in the market can result in a loss of the home, inheritance, and your worry free retirement. Luckily there are plenty of resources to help you further your research, speaking with independent financial advisers and make the right decision. You do not have to go with any product an adviser tells you about. You can decide what is best for you and later on your family. It all comes down to what you are most comfortable with, your other alternatives, and what you may be willing to sacrifice for that fun retirement.