Why does Equity Release Calculator 2014 Version show so Many Results?
Equity release is not just one product. There are five products if you count home reversion and the different types of lifetime mortgages. Not all of these products can be shown in the results of equity release calculators due to the loan to value percentage result or estimate you are attempting to obtain. Yet, there are equity release calculators on the market that offer up to three results in order to give you a better idea of potential maximum lump sum amounts. The equity release calculator 2014 you use is highly beneficial if it offers up to three results.
Potential Results
There are some websites willing to offer you maximum equity release, maximum interest only lifetime mortgages, and maximum enhanced lifetime mortgage results. This is useful to over 55s who wish to search for a specific maximum equity release, while also learning about the different lifetime mortgage products provided.
Different Calculator Results
The results differ, based on the type of home equity release. For example, you may be a consumer who wishes to calculate the standard maximum equity that can be released. You are healthy, the youngest homeowner is at least 55, and you own your home or can after using the equity release to pay off what little is left on your current mortgage.
Another consumer may be interested in keeping the principle lump sum the same. They do not want the interest to accrue with a fixed APR. In this way they want an interest only lifetime mortgage where monthly interest rate payments are made in return for keeping the last payment the same as the capital sum of tax free cash. For this type of loan it is necessary to use an interest only lifetime mortgage calculator, versus the standard equity release calculator 2014.
Perhaps another consumer is in poor health. They are diagnosed with heart disease, MS, diabetes, or another condition that lowers their life expectancy. For a person in this situation and as the youngest home owner, it can be necessary to receive a larger lump sum to pay for medical bills, a spectacular dream holiday or something else they really want to do before they die. For this type of situation there is an enhanced lifetime mortgage. The premise is that their poor health ends their life sooner and thus the equity release company is paid in full faster than by a healthy person. Cold as it sounds, equity release is an industry in the business of making money. The benefit is the consumer obtains more cash to use when they need it, versus having to wait till it might be too late.
Independent Details on Equity Release
Now that you understand the advantage of gaining information and how this information can help you determine the best product for you, it is time to learn how to use it. You will want to speak with a broker offering such products, but going to a specific company means a sales person keen on selling you what they offer and when they cannot after taking your time you are back to the beginning in your search. It is not to say you would be refused by the first company you speak to, but the potential is there. It is a disadvantage that speaking with an independent broker can turn to an advantage.
With an independent broker on your team, they will search for a product that fits your needs and situation, based on research you have already conducted. You can take their suggestions, analyse their information, and ask them to tweak the search towards the best product for you. It makes it easier for you to find what you truly need as you head further into retirement.
Retirement is scary enough without starting off with the wrong financial product. By using tools available to you and people there are fewer errors to make and more rewards.
By offering more than one result to consumers on a website, the consumer, or in this case you, get to save time and energy. Your online equity release research can move a lot easier. Furthermore, technology has improved and therefore websites can offer as much information as they possibly can and gain more consumer trust. By gaining the right information, you as a consumer can hopefully get the best equity release deal. So by using an equity release calculator 2014 you can be armed when you are ready to speak with an independent mortgage broker.