Financial markets change based on interest in the market. During the recessions England just went through, a few things occurred. One, no one was spending any money. Secondly, money was tight due to lost jobs, lost investments, and overall many foreclosures occurred. This created an issue for all financial products including equity release. Most needed money, but the outlook was not too great. This has changed with equity release calculator interest on the rise. In the first half of 2014, 10,000 equity release products have been sold according to recent news releases. Furthermore, websites are showing more traffic to their equity release calculators, as more people rush to see if there is a potential product available for them.
Calculating the Interest of Consumers
Lifetime mortgage and a home reversion company are seeing renewed interest in their products. Already for the first half of 2014 approximately £641 million has been attained in equity release with about half of that amount in quarter 2. This is about the same as ten years ago, and the highest numbers seen since the subprime mortgage crash occurred.
All of these stats are coming from the Equity Release Council which prove there is a reason you might wish to look at equity release if you are having issues with funding your retirement.
Funding your Retirement Better
Most individuals have sustained such losses in the last few years that retirement is going to be hard when it comes to money. While there is enough now, as the person lives longer they will run out of cash. Being cash poor, but property rich is a good thing. If you have yet to hit this point but know it is coming, you can do something about it by using the equity release calculator. The fact that equity release calculator interest is up is also a good thing for other reasons.
Interest in these calculators ensures they are online for you to use and they are free. It also means the websites supplying the calculators are going to keep up to date information handy for you. While some websites might stagnate and not update for current market products, there are those which continue to ensure you have more accurate details.
It allows you to find products of use to you, get an accurate picture of equity you can release, and then decide if you want to speak with a broker.
Benefits of Calculators
Besides the obvious result in figuring out if equity release is right for you, these calculators are available 24/7. You can do research in your own time. It makes it easy to get answers when a brokerage firm is closed. You cannot always reach a broker qualified in equity release because they close the office and go home for the night.
It also gives you a chance to figure out if the product is right for you or if you need to consider other alternatives. There is nothing fun about going through an entire process with a broker to find out in the end they cannot help you. It can still happen even using the calculator but it definitely happens less often.
Entering Information Appropriately
It is up to you to enter the information into the equity release calculator that is accurate if you want a depiction of actual options. You will need to use the youngest homeowner’s age. Even if you are 65, if your spouse or significant other is 55, you need to use that age providing they are able to sign a loan or have to be involved for home reversion to work. It all depends on who actually owns the property. If you are a single home owner and your other family is not mentioned on the property title then you can use your age.
Next you need proper home values. You can get these online as well by searching Zoopla and other sites for recent sales that are similar to your home. This value needs to be as accurate as possible because the property value of your home is going to determine the amount of equity you actually have to release.
As long as you have these numbers, you can use the calculator and then seek out independent broker advice when you are ready for the next step. The above are reasons equity release calculator interest is on the rise particularly because there is a possibility for you to get funds in retirement that will help you keep your current lifestyle without being too costly.