Can you get equity release in Europe and Bulgeria?

Loans, mortgages and national development

One of the trickiest aspects of the economical development of a country is that in our capitalist system we need money to kickstart any process of growth or exploitation. One of the most frequent scenarios in areas that are under their economic potential is that they don't have the money they need to make more money. In such a case, loans appear as one possible solution for the dilemma. You add money to the equation, then withdraw it - plus interest to make the whole thing worth it for you - and as a result economy has been dynamized. Of course, there are other ways to promote growth by a money injection. Other forms of investments are possible, including third party investors, angel investors and even government investment. Donations and humanitary help are an option, but these actions are more frequently aimed towards satisfying basic needs and preventing sickness and death.

The possibility to access a loan in convenient terms is fundamental in most cases for the development of entrepreneurships, small companies and even whole areas or villages that might be struggling with their economical limitations and unability to exploit their resources to the maximum. Terms are not likely to be reasonable unless the Government intervenes with regulatory law, or at least there is enough competition in the market for lenders to try and make their offerings more convenient to their customers.

The case of Bulgaria

Economical growth hasn't been equal in all countires of Europe, for a large number of reasons. People in countries like Bulgaria often struggle with economical limitations, and accessing convenient loans is often the difference between whole villages or projects being stuck or developing their activities towards prosperity and success.

Equity release is definitively a big deal in the United Kingdom, and a commonplace scheme that many elderly people use to boost their lifestyles, pay debts or bills, run home renovations and many other things. But can you get equity release in Bulgaria ? Are there similar schemes in that and other similar countries?

As a matter of fact, there are several direct and reverse mortgage schemes available for the Bulgarian people, though the market itself isn' as developed and dynamic as it is here in the United Kingdom. International investors have recently taken interest in opening up new lending entities in Bulgaria, aiming to offer more convenient options for equity release deals as well as other sorts of loans. 

The intention of these new investments is to improve the general offer of equity release schemes by increasing competition in the market. Also, these measures aim to help middle-income people, especially entrepreneurs and inhabitants of rural areas in general, develop their activities and grow their businesses. Direct mortgages are being impulsed too, as an attempt to help first-time home buyers acquire their properties.

Equity release and other schemes available in Europe

Equity release and other mortgage deals are quite commonplace in countries like the United Kingdom, so there is a general mortgage culture among the population. Most Britons are aware of what a mortgage is and how it works, and what are the main concerns and steps they must take when borrowing money as a mortgage deal or something similar. Also, there are plenty of professional advisors and specialist lawyers to inform borrowers on how mortgages work and counsel them about which options are best for their interests.

In some other European countries, mortgage deals and equity release schemes are available. However, since they aren't as generalized and commonplace, there is less information among the general population about how a mortgage works, what it means and what are the risks and benefits associated with each scheme. 

Luckily, there are tools available for borrowers that help them evaluate the offers they get and the possibilities they have. One of the best ones if of course the equity release calculator, that can be accessed online for free. These apps or tools help people calculate the equity they could get from their homes or properties in an equity release deal. The results will always be aproximate, since offers vary from lender to lender, but they are very useful as a guide on how much they can expect to get, so they can also red flag offers way above or beyond that number.

Borrowers must also get informed on due paperwork they must require when engaging in an equity release deal. Lender's full terms and conditions disclosure, equity release consent notice and all other documents relevant must be presented in order to prevent the borrowers to close a deal that isn't convenient for them.

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