When people have reached their retirement age, despite careful retirement planning, they may find that their income is not sufficient for their desired lifestyle or to cover plans for long term care. The prospect of costly long term care can be a worry for many retired people and few will have the level of income or savings to cover this eventuality. Equity release schemes can offer a potential solution for this dilemma and provide a lump sum, which can be used for any reason. However, many people are hesitant about consulting professional advice without knowing what is the maximum equity release sum available.
Find an Equity Release Calculator
If you have considered equity release, it can be worth investing the time to find an equity release calculator. This will help to determine the maximum release possible, which can allow you to explore whether this option would provide sufficient finance for your needs. The calculator will collate your details including your age, property value and current mortgage balance to provide an illustration of the schemes which could be best suited to your requirements.
Tailored Examples
A great number of calculators assist not only with what is the maximum equity release available, but can also provide tailored examples of the way in which you could choose to receive the funds. For people aged fifty-five and over, equity release provides a tax free sum. However, many schemes offer flexibility about whether you receive the funds in one lump sum or as flexible monthly payments. This can assist you in your retirement planning, and assist you in ensuring that you have not compromised your qualification for other forms of financial assistance that might be available to you. Since the equity release schemes are designed to run as a lifetime mortgage, this means that the loan balance only becomes due for repayment on death or if you move into long term car. At this time, the home is sold with the balance of loan being settled and any remaining funds are passed on to your beneficiaries.
Why Calculators Are Helpful
The equity release industry has flourished over the last few years, with new providers and household names now offering some great deals and schemes. However, it can be difficult to explore your available options and by calculating what is the maximum equity release, home owners can adequately make plans. These online tools can help to establish the limitations of equity release and provide figures to assist the decision making of whether or not to proceed. There are a number of online companies such as CompareEquityRelease.com, which offer different calculators showing the figures involved in conventional roll up plans and lifetime mortgages which are interest only. This enables a comparison to be made and helps in determining which schemes may be better suited to your needs.
Comparing equity release schemes can be challenging, but by finding a good online calculator, it can help you to make comparisons with just the click of a button. There are many independent companies, which offer calculators with access to the entire equity release market without any bias towards certain providers or products. This can help you to find the best possible deal and obtain real time figures to help you in your long term planning.
Help Taking the Next Step
Online tools such as equity release calculators can provide great help in taking the next step. Once you have determined what is the maximum equity release possible for your circumstances, you can then make an informed decision about whether you would like to proceed further. For many people, obtaining this figure can instantly provide information about whether equity release is feasible and optimal for their individual needs. This can save a great amount of time for those who would not qualify and enable those looking to apply, a clarification of the scope and possibilities offered.
Deciding to proceed with equity release can be a huge decision and the anonymity of online calculators allows home owners to explore their options without committing to an appointment with a broker. This can provide assurance that they are making the right decision and supply figures which can be used in discussions with their families. Equity release schemes can provide an excellent financial solution for a great number of retired people. However, it is a new financial commitment and it is important to understand what is the maximum equity release available for your circumstances in order to make informed choices. If you have considered equity release, it can be worth taking the time to find a good equity release calculator to determine your options and the size of release which could be available for you.
