With a lifetime mortgage it is possible for homeowners to be able to release the equity that is tied up in their property. Typically, these plans are aimed at those aged 55 and over and there are three basic choices of lifetime mortgage – the lifetime mortgage, a drawdown lifetime mortgage, and an interest only lifetime mortgage. All of these financial products enable the homeowner to remain in their own home while retaining 100% ownership. Using the good value equity release calculator at Age Partnership it is possible to calculate whether or not a lifetime mortgage, or equity release plan, is the best choice for you.
The good value equity release calculator at Age Partnership can help calculate the accrued interest that would affect the remaining equity of your property. Your home is likely to be your biggest asset and may be worth considerably more than your savings and pension income. Equity release can help redress this balance.
Equity release products, like the lifetime mortgage, are designed to provide you with more income and greater wealth at a time when you need it. Retirement should see you making the most of your life and enjoying freedom while spending time with your family. You can use the good value equity release calculator at Age Partnership to help you decide whether it is a financially beneficial option.
Typically, you need to be a homeowner aged 55 or over in order to be eligible for a lifetime mortgage. Equity release may mean that the value of your estate is lowered in the event of your death and this means that beneficiaries may receive less in the event of your passing away. You should ensure that a lifetime mortgage is the right choice for you so that you can strike a happy balance.
Many people find that they have less money than anticipated when they approach retirement age. Releasing equity in a property is one way of accessing additional money and may prove more beneficial than alternative methods, such as taking in a lodger or downsizing to a smaller and less expensive property. Use the good value equity release calculator at Age Partnership to help determine whether it could be the right choice for you.