An enhanced lifetime mortgage is offered to those who may be of ill health. This is probably the one time where your sickness or ailments may be beneficial to you. The enhanced lifetime mortgage works on the fact that the provider will predict a lower life expectancy because you are sick so they will be prepared to offer you more money for your business.
They will then see a return on their money a lot quicker, because you will die sooner meaning that they can sell your house and recoup their money, or you will need to move into long term care a lot sooner and they will see the return of the money quicker. Also because you are not expected to live long the pay outs that you may receive will be larger than that offered by a standard lifetime mortgage. The lump sum that you may receive will be larger and so might be the monthly instalments.
An enhanced lifetime mortgage calculator is a new tool that can be used online to help work out the amount of money that will be released if you choose to take an enhanced equity release scheme. These calculators have been set up so that it is easier for the potential customer to work out what they would receive for their criteria. The information that is used to work out the amount of equity that could be released is the customer’s age, the value of the property, the customer’s gender and the mortgage that is still outstanding on the property. This is the information that is then used to work out your equity release. However, this is not an exact amount but is more of an estimate.
The online calculator tools will depend on the equity release product that you are looking at. You are able to find lifetime mortgage calculators and enhanced lifetime mortgage calculators.
The best thing about these online calculators is that it is instant and you are able to get an idea of how much equity you are able to release without signing any contract or committing to any contract. These calculators on the internet are free to use and can help in making your decision of the correct equity release that you may need.
