Researching your best options for an equity release plan can be a daunting task and using an enhanced lifetime mortgage calculator will give you a good guideline on the providers and what you’re likely to receive in terms of income or lump sum.
Once upon a time, equity release providers would offer information only on standard equity release schemes. The market has since opened up and with enhanced schemes available now concerning people’s health-related life expectancy, providers are able to offer an enhanced lifetime mortgage calculator in order to search the open market for the best plan for you.
There are a few advisory points when seeking out which plan may be best for you. You may be tempted with a tax free lump sum, but these plans will have higher interest rates than those of a standard lifetime mortgage plan, and on your death, there could be very little left in terms of your estate because of those higher interest rates. Each plan will always be determined by your life expectancy and the amount of the loan released and then drawn-down on a monthly basis, using the enhanced lifetime mortgage calculator means you can truly do your sums and make the most of a monthly income.
Using such a tool will help you to budget for the future. You can use an enhanced lifetime mortgage calculator to enter your monthly expenditure and work out what your disposable income will be. These tools are designed by providers to give users a complete picture of their financial situation and you will be able to gain a good insight into your financial standing. Borrowing on the equity of your home is a serious decision and the ease of the tools and highly sophisticated technology is designed to make your life and the decision easier. With everything at your fingertips you will be able to make decisions on whether you want to have a tax-free lump sum or have the benefit of a monthly income.
Talking through your plans with the beneficiaries of your estate can help you to make a decision on how you would like to use the money and you will then be able to assess what will be left of your estate. Using an enhanced lifetime mortgage calculator can help you to plan your estate and you may find that a standard equity release plan is more suitable for your needs, as the interest rates will be much lower.
A maximum release mortgage is for the benefit of a person with a shortened life expectancy. Weighing up the benefits of maximising the equity in your home will be easier with an online calculator. Once you have discussed this with your family and established that your estate will be significantly reduced by taking out a lifetime mortgage, you can then make a balanced decision that will benefit you and your family while you’re still alive. You may find that a standard plan is a much better option if you would like to leave something for your family; or if you are likely to have long-term medical needs in your own home, then releasing the maximum capital will save a struggle every month to pay for such care.
An enhanced lifetime mortgage calculator will enable you to do your sums so that you can make informed financial decisions for you and your family. The service is free from all of the main providers and even when planning on using the services of an independent financial advisor, the online calculator is definitely well worth using.
