Based on a recent survey conducted by Provision Living, a company focused on providing services to senior citizens, most Americans today are no longer keen on retiring at age 65; The survey fielded questions about retirement plans to 1,000 American adults who have not opted to retire, despite being aged 65 and above.

On the average, most of the respondents said any plans for retirement will have to wait until they reach 72. One-third of whom represented older adults who feel they are still not financially prepared. Twenty-three percent of those who cannot retire due to financial reasons said they still need to work because their family still depend on them for support. Nineteen percent (19%) cited debt payment as the main reason why they still have to hold on to their job.

What is interesting though is that about forty percent (40%) of those who have not yet taken the retirement path, did not cite financial need as reason. Forty-five (45%) of this particular group of eligible retirees, claim they still enjoy working. Eighteen percent (18%) anticipate that they will get bored if they retire. Some six percent (6%) simply want to continue experiencing the camaraderie at work.

Still, not all who participated in the survey are engaged in full-time work, as more than half of the eligible retirees who responded said they had switched to a part-time job when they reached age 61 or thereabout.

Getting a part-time job is one good way to boost money received as monthly benefit from the Social Security Administration. If money from these sources are still not enough for meeting loan payments and other pressing needs, there is a financial solution called equity release. However, this is basically a type of loan that is available to homeowners who are at least 55 years old.

Lessen Retirement Worries by Making Your Real Property Work for You via Equity Release

Equity release is similar to a real estate mortgage because a borrower can obtain extra money using one’s real property as collateral. Yet unlike a regular loan against property, borrowing under an equity release arrangement will not require monthly payments of principal and interest.

It is like receiving tax-free money ahead of the future sale of a property, while living in it during the remaining best years of one’s life.

Under an equity release arrangement, the total amount due becomes payable upon the senior adult’s demise; or once he or she has reached a health condition that requires long-term admittance to a nursing home. The benefit here is that by that time, and under normal conditions, the property would have appreciated in value.

Once the property goes up for sale as a means to settle the money borrowed, a residual value may still be available to the borrower’s beneficiaries.

Actually there are different types of borrowings under an equity release arrangement. The most common is the “Lifetime Mortgage,” to which the terms and conditions are standard. What is important is to make sure that a “no-negative equity guarantee” is incorporated into the loan agreement. That way, beneficiaries left behind by the borrower will not be saddled with an unpaid debt.

The first step though is to find out how much you can take out as equity borrowing on your property. You can go about this by using an online equity release calculator, which will do the computing for you. The calculator factors in your present age and the current fair market value of your property. You can use this tool in determining how much you can take out as equity on your property when comparing different borrowing options.