Gaining Basic Financial Skills

Learning to manage your money is a very important skill. Even after the telling events of the economic crisis, many people remain uninformed. A basic knowledge of finance will help in every area of your life: from purchasing your first car to the business of taking out a Stonehaven Equity Release mortgage.

Where to Find Information
The best way to gain knowledge of finance is simply to enrol on a short course of study. Most basic business courses offered at colleges, specialised institutes and even universities will teach you the things you need to know about money. The internet is also an excellent resource with information regarding Stonehaven’s product range.

In some cases, if you wish to start providing advice you may even come out of the class with a diploma. However, if you’re just keen to gain an understanding for your own purposes, this is not always necessary.

To find a good course in basic finance, there are several effective starting points you can investigate. Head to your local university’s website and search for summer school classes and extra-curricular lectures on the subject. Obviously, there isn’t much point in sitting in on complex finance classes, but most institutions run courses for non-students from time to time. In addition to learning the basic financial skills you lack, taking a class can be a great way to interact with other, like-minded people. You never know what begins as work might just turn out to be enjoyable, and this will make learning about money all the more rewarding.

What you Might Learn
Any basic accounting course will help you with balancing your cheque book; however, business courses particularly geared towards mortgages, loans, and lending money will take you further into the basics you might need when you retire. Of course spending money on a course might seem a little silly if you have already lived your life. It might also be too much when you are simply trying to decide on how to gain a little retirement income from your property.

For these questions you can take to the Internet roadways and discover products like Stonehaven equity release and learn the details from an independent financial advisor and information website.

Exploring Equity Release from Stonehaven
Stonehaven is just one company willing to offer an equity release for retirees. An ER or equity release is obtained in two forms a home reversion scheme or lifetime mortgage. The Stonehaven product is a lifetime mortgage.

This means you take out a loan against the equity you have in your home. With home reversion you sell part or all of your house to a buyer in return for living rent free.

A lifetime mortgage does not require a monthly payment; however, interest and principle balance is owed upon death or move. If you move to a new home or retirement community the loan has to be paid back in full. With some companies you can transfer a lifetime mortgage, but only if the value of the new home can afford it or you can pay some of it down as you purchase the new home.

Point is you have options. The Stonehaven product is generally an interest only mortgage for life. This interest select plan does require you to pay a monthly payment. It is only a payment of interest which has accrued based on an annual percentage rate. With this type of plan your principle balance remains the same.

Advantages to Financial Products
The money gained from the aforementioned financial products is tax free. Also since it is equity in your home and something to be paid back based on your home sale in the end, you can take out the money for any reason. If you want to travel on some of the most expensive cruises or have a different type of dream holiday it is possible. If you decide you want make improvements to your home this is an option. Maybe you want a second home for holidays near the sea? Perhaps you have grandchildren that need help with university payments? No matter why you need the funds you can get them to use as you desire.

Whether you take on a full course of learning or seek independent financial advice it is best to learn all you can about the Stonehaven equity release before signing the paperwork. You should understand the benefits, but also the disadvantages these products come with. There are a few that might make you think twice or make your decision on type of lifetime mortgage easier.

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