Is the Saga Equity Release Calculator Only for Just Retirement Solutions?
Saga is an equity release website that works in partnership with Just Retirement Solutions. However, it is also a site that pulls in data from other lenders in order to provide equity release schemes that fit consumers. Just Retirement provides plans for individuals over the age of 60. Given the different products Saga offers, they also have information for people under 55. To account for the plethora of information provided, the Saga equity release calculator provides answers for those under 55, as well as those who are looking for equity release products from Just Retirement. This ensures the calculator is not just providing information for Just Retirement.
No Age Limit
A financial website like Saga is not going to kick you off the site because of your age. It is not an online casino that has to worry about regulations; therefore, anyone can use the calculator. Rather, it is about the information you can glean from it that matters. There are online calculators set up to be specific to products on the market. They may be like a specific name, for example, Prudential equity release calculator. This is not saying it is not impartial, but just giving you a keyword idea. The main point is that some websites, particularly those selling one company product, are more likely to have a calculator set with certain parameters. They are designed to give you the answer for that product and not one they do not sell.
Saga offers more than Just Retirement equity release schemes, so it has a wider age option for input. A site offering products for only 60 and above is going to make certain you cannot put in an earlier age. Likewise, a site offering products to younger than 60 will ensure proper age can be obtained.
You can access the site whatever your age, but the results will be for the specific products you are interested in. Basically, if you obtain results based on 55 years of age, you have to know the product is only available to a person of that age and that if you vary the age, the results are going to vary accordingly.
Equity Release Products
Just Retirement offers products based on annuities; however, Saga provides more than just equity release schemes for retirees. After you decide the type of product you need you can plug the correct information in the Saga equity release calculator and gain appropriate results.
Equity release for retirees are products for individuals 55 years of age and older. They are designed as lifetime mortgages or home reversion. Lifetime mortgages require a different calculation than home reversion, thus with Just Retirement and Saga you should be aware of the results you are gaining.
Calculating Maximum Amount of Funds
Most individuals are looking for calculators to determine the maximum amount of equity they can release from their home. To do this you need an age and home value. The age determines what products you qualify for. It is also used in the calculation to determine the amount of time the product might be needed.
For example, a 20 year old can pay off a 30 year fixed mortgage. Someone in their 50s may not last another 30 years. These are the types of age related issues equity release companies look at.
The next parameter is whether the house has enough value in it. Companies start offering equity release when a home is valued at £60,000. No company is going to allow 100% of the home value out in an equity release product. This is because of their investment. They are in the business of making money and wish for that money to be returned with a profit. Interest rates are the main way to do this and it is how a lifetime mortgage works.
Based on age there is a loan to value percentage used to calculate the per cent of equity a company is willing to give you. For lifetime mortgages, a person aged 65 is able to release 30% of their home value. This gives them 30% of the total value in tax free cash, while the 30% taken out has to be repaid at death plus the accrued interest. The Saga equity release calculator is the tool to tell you what that maximum amount is based on the interest to be repaid at the end. It can also work for under 55 mortgage products, which tell you the affordability of that type of loan.