The calculator gives you the maximum amount an Equity Release lender is likely to lend based on your property value and age. However, if you are able to borrow less you are likely to receive a better interest rate.
Equity Release is a way of releasing the tax free cash tied up in your property without having to sell it and move to another home. You can either borrow against the value of your home or sell all or part of it in exchange for a lump sum or a regular monthly income. Some plans give you the option to “draw down” further equity (cash) at a later date, based on your requirements.
Equity Release is designed to help customers over the age of 55 who either own their property outright, or with a mortgage (this will need to be cleared upon completion, possibly with the Equity Release funds).
Equity Release can be used for many different reasons. From funding the purchase of a new car or luxury travel, to paying off credit card debts and many other reasons in between. We have chosen to mention a few of the most popular reasons below.
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