An equity release calculator is a necessary tool to use if you wish to understand how much equity you can release from your property.
Results are presented for:
– Standard Lifetime Mortgage
– Interest Only Lifetime Mortgage
– Ill-Health Lifetime Mortgage
– Home Reversion Mortgage
Once you have your results, you will be able to determine whether you can raise enough funds for the purpose of why you’re looking to release equity.
An equity release scheme can help you get the cash you need or want for your retirement. You can be responsible and use the cash to do things like pay down debt or you can use it for fun and take a vacation you were never able to afford while you were working. You could also choose to gift some cash to your children or grandchildren while you are still around to watch them enjoy it. The possibilities are truly endless and there are no restrictions on how you choose to spend your cash. Whatever you want or need the money for, equity release can give you the financial freedom you may have never been able to enjoy before.
In order to determine which scheme might be right for you, you need to know how much cash you are eligible to release. This is usually the first question we get asked when people are considering an equity release scheme for their financial needs. You can’t possibly know if equity release is right for you if you don’t know how much you could receive. You need to know if the amount you’ll get will be enough for the plans you have in mind.
This is where we can step in to help you. Simply give us a few very simple, basic pieces of information and we can give you a very good estimate of how much equity you’ll be able to receive. Give us your age, the value of your property and how much of your mortgage balance you still have outstanding, and we can let you know much cash you can expect to receive. In addition, we can do that for several of the available plans.
Perhaps you are indecisive and can’t choose between a couple of different plans. Knowing how much you could receive from each can certainly help you make the decision. We can give you estimated results for a standard lifetime mortgage, interest-only lifetime mortgage, ill-health lifetime mortgage, and a home reversion mortgage.
You might be wondering if making payments against your loan is the best plan for your particular circumstances. In that case, it would be helpful to know what an interest-only lifetime mortgage plan would look like. With this plan, of course you would be making payments against the interest accrual on your loan which means you would be controlling the balance of your loan to some degree. If you don’t want to make any repayments, we can give you an estimate for a standard lifetime mortgage which would just give you the large lump sum and allow for interest to roll-up.
If you have qualifying health conditions, you might be eligible for an ill-health lifetime mortgage which could have its own benefits, one of which might be a larger lump sum payment. We can give you an estimate of the exact size of the payment. Finally, a home reversion functions quite differently from a lifetime mortgage but we can give you an estimate on that as well. With a home reversion, you aren’t taking out a loan. Instead, you would be selling off part of your property in exchange for a payment, the size of which we could estimate for you.
Contact us today to go over each of your options and to see how much equity release is available to you. Our freephone number is 0800 023 4307.