If you are in your retirement period, own your own property and are in need of an additional source of income, an equity release plan might be the solution that you are looking for. Equity release allows you to release money that you have invested in your property. The advantage of equity release is that you do not need to make any monthly repayment.
The money that is received from an equity release plan is tax-free and can be used for any purpose. By now, you might be wondering how much money it is possible to borrow from an equity release provider. The fastest way for you to find this out is through the use of equity release calculators. Equity release calculators help you to calculate the total amount of money that you can borrow.
Although equity release calculators are free and can be very helpful in the equity release process, you are not obligated to use them. It is however recommended for you to use them because they will give you a general idea of how much money you can borrow based on a number of factors. These factors include: the total amount of the property, the age of the borrow, the health of the borrower, and any outstanding mortgage or loan. If you are applying for a London equity release scheme with your partner, equity release calculators will work with age of the youngest applicant.
Equity release calculators can be found on almost all web-based equity release sites. One of the most popular web-based equity release sites is www.compareequityrelease.com. This website as well as many other website offers three different equity release calculators. One calculator is meant for healthy applicants who are interested in an equity release plan based on roll-up interest. One calculator is used for applicants who have poor health and have had a history of bad health. One calculator is used for applicants interested in an interest only lifetime mortgage plan.
Although the maximum amount that you can borrow is calculated by equity release calculators, it is not advisable to borrow the full amount. Equity release calculators are not meant to be used as the deciding factor. Instead, they are meant to be used as a part of the decision-making process.
Finally, do not take the figures from an calculation literally, Always seek independent advice from a specialist who is qualified and licensed to provide recommendations based on lifetime mortgage and home reversion plans home reversion plans from the whole of the market.