Retirement should be about kicking back, relaxing and doing the things you have always longed to do in life, yet never had the time do so.While this sounds like an idyllic lifestyle to lead, many people are struggling to make ends meet during their retirement years due to a poor pension pot, coupled with the rising costs of day to day living. Have a look at UK equity release calculator for more info on this.
With this in mind, many people are looking at equity release as a viable option. Equity release is simply a way you can release cash locked up in your home to spend as and how you wish. By using an equity release calculator, in seconds you can find out how much cash you may be able to release from your home.
Many equity release providers are looking at ways they can improve their equity release schemes in order to make them more accommodating to their customers. On top of this, new providers as well as previous providers, such as Halifax and Stonehaven, are expanding their services to equity release, a much welcome boost to the equity release industry that has received a lot of negative press in the past.
Jon King, managing director of more2life, has expressed his thoughts on the equity release market, pointing out that their needs to be more clarity and innovation with equity release schemes.
Mr King, said, “Customer opting for equity release focus on how much money they can release and whether they can leave an inheritance. Falling house prices complicate that calculation and if the worst comes true, many will not be able to leave an inheritance.
“Protected equity guarantees are suited to the current conditions and in the long term to the needs of a substantial part of the market. The equity release market is changing with increasing use of drawdown and we expect more providers to launch protected guarantees.”
Many people are looking into equity release as a viable option to cover the cost of long term care, after reports from the Sunday Times revealed that the average cost of long term care is £30,000 a year.
If you are unsure about how equity release works and how the money is calculated, you can use an equity release calculator today to find out how much you could release from your home. Working on the basis of your age and property value, an equity release calculator gives you an estimated amount of how much you can release from your home. Please understand that these figures are simply an estimation of the amount you could release, and you should further speak to an equity release adviser before you make any decision.This is an equity release plan. To understand the features and risks ask for a personalized illustration.