The two phases of life in which man requires the support system the most are that in the childhood and in the old age. The support required in the childhood is often provided with love and care. However, the scenario takes a paradigm shift in the declining years. The support that is then provided becomes more of a reluctant favor. It becomes extremely painful to accept the life of a cast away. To resolve this old age agony faced by the retired people the market now has come up with a handful of flexible and retirement friendly options. One of the options being that of the equity release.
Equity release, though proved to be of a timely help, yet was not devoid of its flipside. The flipside in this case turned out to be a smorgasbord of companies available, who were all providing equity release. This often resulted in a wrong choice on the part of the retired individual. Later on, with the passage of time, even if the retired individual came across better offers pertaining to the equity release, his or her previous alignment with the existing company restricted the prospect. This, more often than not, led to the same dead end that the retired individual was trying to escape. As a solution to this issue the market brought out the option of reverse mortgage.
Reverse mortgage offers the retired individual the flexibility to convert his or her equity release investment from the existing company to the company providing better facilities. In this case, the latter company pays off the dues of the former company and enables the retired individual to start anew with the desired prospects. This option has thereby made equity release a more flexible option as well. Hence, the retired individuals need not bother too much in case they have been confounded to making a wrong choice.