An Equity Release Calculator that Shows Three Results in One Calculation!
- November 20, 2014
- Jasper Kent
- No comments
The website designer determines what is available, and sometimes that designer is told what to provide by a company owner or manager. This means websites that offer similar products are not always going to supply the same information. You may discover that one website offering equity release products has an equity release calculator, while another doesn’t offer it at all. The reason this is mentioned is to help you determine the best website to get results from when you are interested in an equity release product.
Biased Websites offer Singular Results
If a website like Aviva, Just Retirement, or Pure Retirement offers a calculator at all, the chances are it is going to be somewhat skewed information. The calculator will provide one result based on the product they sell like the Aviva Lump Sum Max plan. It is great if you already know this is the best product for you and you just want to double check some figures. For most, though, it is not the right way to go.
Unbiased Answers by Offering Three in One Results
The better option is to find a website like EquityReleaseSupermarket.com, CompareEquityRelease.com, or LondonEquityRelease.com. These three websites offer you an all in one calculator to help you determine the maximum release amounts you can obtain from a host of different products on the market. Instead of focusing on one company, the calculator can take information about your age and property value to provide you with a list of companies offering equity releases. The maximum amount for these companies is listed so you can compare for the best product.
Instead of having to go to dozens of websites to get proper information, you can get all the information you want on just one site. It ensures your experience of getting answers is a lot better than wasting time.
Using the Calculators
You might wonder if you want to use the calculators at all. You might be wary that the information you are going to be provided is not accurate. You might also worry that you will be hounded by phone calls and emails. There is a trade off with most sites, but the three mentioned above tend to be less so. Instead of hounding you, you are able to choose whether or not you want to contact a broker. Furthermore, the broker you can contact is going to be someone independent of a specific company. This allows you to get advice without feeling pressured into one specific product. The broker has your interests at heart.
The Three Results
Now that you understand the fundamentals of using certain sites over others for the results you obtain in an equity release mortgage calculator, you are ready to learn about the three different results you might get by using these websites and their calculator they offer.
You can find information on standard equity release plans. The results are going to tell you the maximum amount you can release from your property based on the age of the youngest homeowner plus the property value. The result is in a loan to value percentage that can change based on the age. The older you are the less time the mortgage will be outstanding and thus the more the company is willing to offer in a maximum amount.
A standard result is for the tax free lump sum a healthy person is likely to be awarded. If you use an enhanced equity release calculator or a calculator offering those results like the three in one result option, you will find the maximum amount that can be released based on your ill health.
The youngest homeowner still applies in this case and they must have a health condition that could lower their life expectancy. If this exists then it is possible to access more of the equity currently tied up in your home. This is again due to the amount being returned a lot earlier than a healthy or younger person may otherwise be able to do.
A third product on the market that differentiates consumers is the interest only lifetime mortgage. This lifetime mortgage allows you to pay back interest on a monthly basis as a means of keeping the principle sum down. With such an option you are often given a lower maximum amount from the equity release calculator. This is because you may need to refinance and convert the loan to a standard lump sum later as you run out of funds or the ability to repay the interest.