It might be hard to know if an equity release plan is right for your situation, or what one might be the best fit, without knowing how much cash you’d be eligible to receive. If you need cash during retirement, you need to know how much you’d likely receive in order to know if it would satisfy your financial obligations. We can step in and help you get a better idea of just how much equity you could release from your property. The best part is that we can give you the calculation for multiple plans.
Lifetime mortgages have gained their tremendous popularity because of how many options are available. That said, because there are so many options and plans, you need to have a better understanding of how much you could release from each individual type of plan. We can do that for you with just a few basic pieces of information. Give us your age, the estimated value of your property, and how much you have left to pay on your existing mortgage. We can then let you know what you’d likely receive from a standard lump sum plan as well as an enhanced plan, and interest-only lifetime mortgage. With that information, you can better determine which
plan will suit you best.
This is a great plan if you just want to receive one large lump sum payment and will not need any more money in the future. You can choose to make repayments or you can allow the interest to just roll-up.
If you have certain health conditions or have made specific lifestyle choices that are expected to shorten your life expectancy, you may qualify for an enhanced lifetime mortgage. If that is the case, you could get a higher maximum lump sum payment.
With an interest-only plan, you can get your lump sum payment and make repayments against the loan interest that accrues. You don’t have to prove affordability to qualify for an interest-only plan and you are able to control the overall balance. If you pay all of the interest as it accrues, your balance will always be equal to what you originally borrowed.
We don’t stop at providing you with estimates for just lifetime mortgage products. We can also give you an idea of how much you could receive from a home reversion plan. For this calculation, we just need your age, whether you plan on filing on a single basis or with a partner, the age of your spouse, the estimated value of your property, the amount of any outstanding mortgage, and how much of the property you think you want to sell. For example, perhaps you want to sell of 30% or 40% of the property. Of course, we can run a variety of numbers for you and help you find the best percentage for your particular needs.
Using the Calculator to Choose Your Plan
Whether you are interested in a lifetime mortgage or a home reversion plan, we can help you get a good idea of how much equity you will be able to release. From there, we can help you decide which plan is the right fit for your individual financial needs. Reach out to us today for specialized free advice.