When considering an equity release, for many people knowing the highest amount that can be released is an essential deciding factor. After all, if the equity release cannot provide sufficient funds for retirement plans, lifestyle finance or purchasing something specific, it is not worthwhile proceeding. However, the figure provided only has some use when it provides an accurate calculation of how much can be released which can be relied upon if you decide to move forward. There are a number of equity release calculators, including some which offer more in-depth information with a greater degree of accuracy.

Comparing Your Options
Sophisticated calculators allow you to make an accurate assessment in order to compare your options. This can be extremely helpful in an industry filled with numerous specialist providers, online companies and household names. Many companies offer a full range of plans which you can choose from, which makes the available options even more numerous. When the highest amount that can be released is a deciding factor for you, it can be beneficial to compare the benefits of a variety of schemes to determine the best deal. Many calculators will take the information you have provided and ascertain the schemes or plans which would be best suited to your circumstances. This will then provide the opportunity to study their interest rates, terms and the maximum sums offered.

Factors Considered
The value determined as the highest amount that can be released in these types of schemes depends on a number of factors. These factors all have several variables. Factors such as age, gender, property value, health conditions and current mortgage balance will all be added to the formula used by the calculator to determine the estimated duration of your scheme and therefore how much equity could be released. This complex balance of factors and variables will mean that there is a different outcome and set of results for every individual. While this formula may appear extremely complex, the equity release calculators do all the hard work and provide the foundation to making the decision towards the first step of equity release.

Accuracy of Information
Obviously, due to the complexity of this formula, for an accurate result, it is important to ensure the accuracy of the information you enter into the calculator. Even simple details such as stating your age as fifty nine when you are sixty can affect the outcome of the equity release available. These handy tools are pre-programmed to ask only the information needed to create the most accurate result possible. It is worth taking the effort to ensure that the information you provide is accurate and up to date to gain an accurate equity release value which can be relied upon if you decide to move forward.

Highlighting Other Options
Many sophisticated calculators can also be very beneficial and highlight other options or plans which may be better suited to your needs. For example, some calculators have been pre-programmed to ask health related questions, which may appear irrelevant but could highlight enhanced equity release products that you qualify for. A number of providers offer enhanced equity release deals for those who have a poorer health status than those in good health of the same age. In these cases, a larger lump sum is generally available during the equity release.

Highlighting the Requirements
The calculators can also provide a fast and efficient method of highlighting the requirements of the equity release schemes. For example, for qualification of an equity release scheme, the applicant must be aged fifty-five or older and hold the property in their name. Those who fail to meet the requirement will find out very quickly that equity release is not for them and will not have wasted any time scheduling appointments with brokers or further researching the equity release options.

Many people are reluctant to make initial enquiries face to face or on the telephone when they are required to disclose personal information. Online calculators provide a great degree of anonymity, which allows home owners to explore their options further without making any commitments. By disclosing health ailments, smoking habits, age and general health, people can gain an accurate assessment of the interest rates, terms and highest amount that can be released. This will enable making an informed decision about whether going forward will meet financial goals.

If you are considering equity release, the first step should be to explore an accurate assessment of the highest amount that can be released. Only with this information can you fully assess whether it will provide sufficient funds and be worthwhile proceeding.