Know your equity release with equity release calculator
Equity release can be defined as the cash which a person can release by either mortgaging his house or partly selling his house etc. The amount of money which he gets out of this is not under tax and he can keep the money or use it without paying any tax, till either the money finishes or he is alive. There are many types of equity release programs like lifetime mortgage, home revisions etc. In lifetime mortgage type of equity release schemes a person can release a whole lot of money by just mortgaging his house. In this time he can stay in the house with his family as well, till he wishes to. The amount of money which he gets out of this is not only tax free, he is not viable to even repay the money. The amount along with the interest is paid when the couple dies. There is another scheme in which the amount of release money can also be got in installments when and how you need it. This scheme of lifetime mortgage is more famous as for most people having a huge amount of money at once is hard to manage. The release money is calculated by the equity release calculator.
The next major type of equity release scheme is selling your house partly to release amount which is not only tax free but you can use it for any purpose. In this way he not only gets a whole lot of money but he can also keep a part of the house for his children too. An equity release calculator calculates the amount to be released based on many factors. The equity release calculator estimates the amount on the age of the couple and on the value of the property which is there. There is a particular age after which you can apply for the equity release. The calculation is also done on the basis of the way you lead your life and your health conditions. The equity release calculator calculates based on the all the above factors and some others. The property value should also be of a certain limit under which equity release is not processed and cannot be calculated by the equity release calculator.
The equity release calculator is usually a person or a company who guides you with the process and takes care that you get the most out of your property. He finds out a suitable scheme for you according to your needs and requirements.
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