In 1965, the first equity release plan was introduced in Britain, which at that time had approximately 9.7 million people who were above 60 years of age. Retirees needed a simple way to obtain money to fund their daily expenses & provide a better lifestyle. Back then, equity release schemes were mostly utilized by homeowners who owned large and rich houses but were lacking in cash. They did not have a steady income stream and the plans were financially unstable.
Equity release has grown over the years into one of the largest industries for the retired population. Its growth brought along an entire industry of tools and marketing ideas to help homeowners. The age demographics has since changed & equity release now starts from the age of 55. Previously, the proceeds from were used for daily essentials, but today the proceeds of equity release are used to improve the lifestyle of homeowners. Equity release is used to fund vacations, dream cars, repay outstanding debt matters and home improvements. Equity release is now also beneficial to homeowners with deteriorating health. They can use the extra money these enhenced equity release schemes raise to pay to be cared for at home instead of having to move to a care home.
One of the most important tools that equity release introduced that is of great help to homeowners today is equity release calculators. Equity release calculators were first introduced over three years ago by the innovative Equity Release Supermarket website. This site has to lead the way in advising clients easily and for free, on how much equity they can release from their property.
Today, equity release calculators can be found on the websites of almost all equity release providers. Most equity release calculators are configured in such a way that they are able to provide information on almost any type of equity release scheme available. Before using equity release calculators, homeowners are advised to verify the current value of their home. Without a proper property valuation, equity release calculators will not be able to determine how much homeowners can borrow. In order to determine the current value of their property, homeowners need to subtract the balance of any outstanding loans from the current appraised value of the property.
Equity release calculators have proven to be quite a valuable equity release tool. They are free and they provide home owners with the information they can used to choose the right equity release plan
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