If I have Ill-health is an Enhanced Equity Release Calculator Better for Me?

Suffering from ill health is not something you want to rejoice over. However, it can be used to your advantage in the equity release industry. It is not often you get to say there is an advantage to being ill. If you do suffer from ill health then there is no reason not to take advantage of it when you are looking to get money for retirement. You might as well enjoy your life now rather than continue to wait for the funds you need. Given this you will want to use an enhanced equity release calculator to determine if you qualify and for what maximum amount you might be able to get.

Enhanced Lifetime Mortgage
An enhanced lifetime mortgage or ill health equity release will examine your illness. You will need to fill out a health and lifestyle questionnaire for an independent broker, so that they can ascertain the exact nature of your ill health and how it might apply to an equity release in terms of a maximum cash out amount. Before you speak with an adviser you might want to have information already at your fingertips. You can use the enhanced equity release calculator to get a ballpark figure, basically an estimate, of the maximum tax free lump sum you can get with an ill health lifetime mortgage.

It is a guide because the broker might find that other conditions apply thus increasing the amount further. The overall point is that you can use the calculator to get a starting point to your financial needs.

Your Ill Health
Your ill health is going to determine the amount that can be released, as is your age and the property value of your home. When you look for the loan to value percentage you can obtain, which is the percentage of equity you can take out in a loan, you need to have an accurate property value. You also need to use the youngest homeowner’s age. This is the person that needs to have ill health in order to increase the maximum lump sum amount over that of the standard equity amount provided under normal circumstances.

You may find that your ill health helps you reach the goal you need to make for equity released. The industry has found that most individuals seeking equity release already have an idea of the amount they wish to take out. This means your goal is to find what you can obtain in a loan amount.

For some it is more about keeping the amount released at a minimum while ensuring the interest rate is low enough to keep some inheritance for their beneficiaries. You decide what matters most: the amount of the loan or the interest rate. In the event that it is the maximum amount you want then looking for the ill health equity release maximum is your best option versus the interest rate on offer.

Looking at Other Products
You still want to look at the standard maximum amount and the potential lower interest rate. You might see there is a better loan potential versus the maximum with the ill health mortgage. It is always going to be your decision in the end and you do not have to sign the paper work until you are satisfied the deal is the best one for you.

An Adviser to Determine Ultimate Results
Once you have used the calculator to determine the results, it is time for you to speak with an independent adviser. You always want to go with someone not tied with a company. They will have your best interests in mind when deciding on the products they mention to you. You might find they are able to get you a higher maximum amount or a better interest rate. You should always know your options as enhanced terms could be most favourable. On the other hand, you might find the enhanced drawdown scheme which is on the market is better.

This is not only a lump sum, but the potential to remove more later on. You might get money you need now and then later you can release even more. This is a way to keep the interest rate down, but offer you a higher maximum amount over the time you have left. Always seek out the enhanced equity release calculator to get you started in your research and then use the value as a guide to find something that suits you the best by speaking with an independent expert.