Lots of you will have heard aboutbut are reluctant to look into it further because you’re unsure how interest rates work on a . Release equity calculators are widely available online and designed to help you estimate the value of your remaining equity at various points in the future. Release equity calculators are quick and easy to use and are based on your personal circumstances and your view on house price inflation.
If you think a lifetime mortgage plan could change your life for the better then find out whether you’ll qualify with a release equity calculator. By entering your age and the value of your property, a release equity calculator will tell you firstly whether you’re suitable, and also the amount of equity you might be able to unlock from your home.
It’s important to consider both the benefits and limitations before deciding which equity release scheme is right for you. But if you’re looking for more out of your retirement, then equity release could come in very handy.
Improve your retirement years
A release equity calculator can give you a general estimation of how much money you could receive if you decide to take up a lifetime mortgage or home reversion plan. For example, if you’re 70 years of age and your home is worth £200,000, you could be looking at a tax-free lump sum of approx £73,000, keeping in mind that an release equity calculator should only be used as a guide.
Imagine how your life would change with that much tax-free money to spend on whatever you like. You could enjoy a greater disposable income, to make life easier for you without having to make any monthly payments on your loan.
If you’re happy with the figures that the release equity calculator has quoted you, you should find an independent equity release specialist who will give you a FREE no obligation quote and information pack. This will help to answer any further questions that you may have on equity release.
But remember, a release equity calculator is only designed to allow you to create an estimation of your remaining equity at various points in the future so before doing anything it would be wise to discuss it with your family and gather as much equity release information from the FSA.