Releasing equity from a home can be an excellent way for retired people to gain access to a cash lump sum or an additional regular income source. The money obtained through equity release is available tax free and can be used for whatever the home owner chooses. Since a great number of retired people find themselves rich in their assets but struggling for cash, equity release can provide a way to eliminate any financial crisis or burden. By using an online equity release calculator, home owners interested in exploring their equity release options can determine if it will provide sufficient funds for their plans.
Some retired people are interested in purchasing a holiday home or another property. However, with a fixed income this can be exceptionally challenging. However, an online equity release calculator may be able to determine the affordability of buying another property.
The online equity release calculator will provide a figure for your maximum equity release lump sum. If you have owned your home for a great number of years without increasing the balance of your mortgage, you may have benefited from an increase in property value and equity. Depending on a number of factors including your age and gender, the amount of equity release available may be sufficient to purchase the new property.
Since this figure will be key to your budget for searching for your new property, it is essential that you discover the affordability before beginning your property search.
Financing Property for Others
In the current economic climate, a great number of older home owners have seen the frustration of their children or grandchildren as they struggle to take the first step on to the property ladder. An online equity release calculator can allow home owners to discover how much equity could be released and determine if it sufficient to afford all or part of a property for them. In some cases, this can be an excellent way of inheritance planning, since you can assist you children or grandchildren with a lump sum deposit to help them secure a mortgage without having to sell your home. This will mean that you can avoid your family from paying higher levels of inheritance tax and you will have the reassurance of seeing them enjoy their new home while you are still with them.
For those people with several children or grandchildren, the feasibility and affordability of this will depend greatly on the amount of release available. The online calculator can provide this information and assist in the decision making process about whether it is beneficial to proceed further. Many people are hesitant to even discuss the possibility of affording a property for another until they have collected the facts and figures. Equity release provides the assurance that you will have the right of residence in your home for the rest of your life, but if the equity release does not provide the required funds, then it may not be the best solution for your needs.
Finding an Equity Release Calculator
There are a great many companies and providers who offer a free online equity release calculator. However, it can be beneficial to choose an in depth calculator offered by a number of comparison sites specialising in equity release. These are more likely to have access to a wider variety of products and can offer greater detail on the schemes which may be best suited to your requirements. With these forms of calculator, you will need to be prepared with some personal and financial information including your age, current property value and the balance of any current mortgages or loans secured on your home. These factors will all affect the amount of equity release available to you.
These calculators are available free of charge and with no commitment, so if you are unsure of your options, there is nothing to stop you using a number of different calculators to get a better insight into the provider requirements and amounts of equity release available.
If you are a home owner aged fifty-five or over and are looking for the funds to purchase another property or for any other purpose such as improving your lifestyle or planning for your long term care, equity release may provide the solution for your requirements. Obtaining an equity release figure should be your first step and an online equity release calculator can provide this information quickly and with the minimum of fuss. This will enable you to assess whether equity release will provide sufficient funds for your plans and assist you with making the decision as to whether you would like to proceed and speak to a professional adviser. Or Click Here to use a free Equity Release Calculator.
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