Why use an equity release calculator?

An equity release calculator can help you learn more about how much cash you can release from your home. An equity release calculator is easy and simple to use, and in minutes can give you a breakdown of the types of equity release schemes you are eligible for and how much you could potentially release from your home.
An equity release calculator works on the value of your property, your age and the type of equity release scheme that you choose.

Upon receiving your results you should consult an independent equity release specialist to help advise you on the different equity release schemes available and whether it will be of benefit to you. There are currently three types of equity release schemes: lifetime mortgage, drawdown lifetime mortgage and home reversion plans. Each of these schemes has their own advantages and disadvantages that you should thoroughly discuss before you make any financial decision.
An equity release scheme can be used for a variety of purposes with popular choices including home improvements, holiday and travel or a way to relieve the stresses and strains of day to day living.
It is advised that you speak to an independent equity release adviser before you make any financial decision. An independent adviser will be able to tailor the advice they give to you to suit your individual circumstances. During your consultation with an adviser you will be able to discuss:

 

  • How equity release works and the different equity release schemes available.
  • How much you may be able to release from your home.
  • How your entitlement to state benefits may be affected.
  • How the value of your estate will be reduced.
  • The latest offers available on the equity release market.
  • Whether equity release is the right option for you or whether alternative options are available.

It is important that you only consider equity release schemes that are SHIP approved (Safe Home Income Plans). This means that you will never fall into negative equity (i.e. you will never owe more than what your house is worth), can stay in your home for life and can move home if you wish (subject to criteria).