Equity Release Calculator 2018
Find out how much cash you can release from your home with our Equity Release Calculator. Our quick and easy calculator takes into account the value of your home, your age and your health to work out how much of the money in your home is available for Equity Release.
With years of rising house prices behind us, many of us find that we have significant amounts of equity tied up in our homes waiting for release.
Many people release equity to pay for domiciliary care, adapt their home to meet reduced mobility needs or simply to afford a more comfortable retirement.
Other reasons people choose to release equity from their home include inheritance tax planning, which needs careful consideration and financial advice, or to fund ‘big ticket’ items such as new cars or holidays.
How Much Equity Can I Release?
An Equity Release Mortgage, also known as a Lifetime Mortgage, is the most common way to unlock the cash tied up in your home. It sees you borrow against the value of your property in exchange for either lump sum or a series of smaller payments over time.
Whereas with a regular mortgage you have to make monthly repayments, you don’t have to do this during an Equity Release Mortgage if you don’t want to. In this instance, the interest you owe is ‘rolled up’ and added to the loan.
How much equity you can release from your home depends on a number of factors including:
- the value of your property,
- your age
- your state of health.
The more your home is worth, the older you are and the worse your health, the more equity you’ll be able to release. Use our Equity Release Calculator below to find out how much cash you could potentially release…
Equity Release Calculator
We have crunched the numbers and can provide you with an estimate of the maximum equity you could expect to release from your home
Standard Equity Release is the amount you might receive if you're in good or fair health. It reflects how much you may be able to borrow from the provider against your home, with the repayment typically due when you either move into long-term care or pass away.
If you're in poor health, you may be able to get more from Equity Release than you would under a standard plan. This is because Equity Release providers often offer you access to more cash if you have a shorter life expectancy to reflect the fact that they'll likely be lending you the money for a shorter time.
What do people use Equity Release for?
What age are people who use Equity Release?
Many people have limited pensions and savings to see them through retirement and so are considering releasing equity from their homes to help them out in their later years. However, Equity Release is a complicated process that needs professional financial advice – that's where our partner Key Retirement can help.
Head of Pensions Advice at Drewberry
Very important if you are either Self-Employed or a Company Director.
Oue Experts have access to far more insurers and can often find a better deal offline.
How Does the Equity Release Calculator Work?
Equity release is a lifetime mortgage which is a loan secured against your home. The sum you choose to borrow, plus any accumulated interest, will usually be repayable when the property is sold after you die or move permanently into long term care
Equity release is not right for everyone. It will reduce the value of your estate and may affect your state benefit entitlement.
Our partners Key Retirement will carry out a full financial review of your personal circumstances to help you make an informed decision when considering Equity Release.
Do you qualify for Equity Release?
Our Equity Release calculator will only provide results for those who are eligible to qualify for our lifetime mortgage. Most lenders require you to meet the following eligibility criteria:
- You are at least 55 years old
- You are a UK resident and own your home
- Your property is located in the UK
- Your property is worth at least £70K
- Your are mortgage free or will be able to repay existing mortgage on completion
- You are looking to release at least £10,000 from your home
If you meet this qualification criteria simply enter your details into our Equity Release Calculator and the clever tool will give you a very good idea in terms of what you can release from your home.
Wealth & Investments Expert at Drewberry
Communicative and trustworthy. My thanks to Jake Mills for being a consummate professional.
Equity Release Advice
Financial advice is built into the Equity Release process and forms an integral part of it. Using an independent adviser will make sure they look at the entire UK market to find the best deal for you.
This is important because Equity Release is a long-term financial product that’s very tricky to undo once you go down this route. For help and guidance around Equity Release, Drewberry’s trusted Equity Release Partner, Key Retirement, can help with any questions you might have.