For many people entering retirement, equity release schemes are a great way of ensuring they have enough cash to enjoy their retirement. However, how equity release schemes are structured are important, and people interested in these schemes should be aware of the various options.

Equity release schemes are like mortgages on houses that have already been paid off. The benefits of these types of schemes are clear, it frees up equity when you need it. The house stays in the owners control, just as it would with a mortgage.

There are many products available, and familiarity with the market is recommended before choosing a specific financial product. Some equity release schemes, such as Stonehaven Equity Release, offer a fixed interest rate solution, so payments can be planned and understood, regardless of what the economy does.

The Stonehaven Equity Release product is also able to transfer to any new property, where it will act as a traditional mortgage. This is called portability, and is an example of some of the useful features found in equity release products.

When enquiring into an equity release scheme, it is important to ask questions such as how the interest rates are structured, and whether or not the payments must cover more than the interest. As with any financial product, there are good products which can be helpful. It is up to consumers to ensure they ask the right questions to make sure the product fits their needs.