Find out how much cash you can release from your home with an Equity Release Calculator that takes into account the value of your property and your age 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.
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 a lump sum or a lump sum with a reserve account to be accessed later.
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 more your home is worth, the older you are and the worse your health, the more equity you’ll be able to release.
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 entitlement to means-tested state benefits.
Our partners Responsible Life will carry out a full financial review of your personal circumstances to help you make an informed decision when considering Equity Release.
Our Equity Release calculator will only provide results for those who are eligible to qualify for a Lifetime Mortgage. Most lenders require you to meet the following eligibility criteria:
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.
Drewberry has partnered with the trusted Equity Release Provider Responsible Life to offer our clients access to the best Equity Release Advice.
Responsible Equity Release was founded in 2010 and is part of the Equity Release Council. It is also authorised and regulated by the Financial Conduct Authority and is one of the largest UK equity release advisers, with access to every single provider across the marketplace. 99% of its reviews on independent reviews website Trustpilot are listed as 5-star.