Lifetime Mortgage Calculator – Helping You Decide
Our preferred equity release adviser is Age Partnership. For free and impartial money advice you can visit MoneyHelper.
Our preferred equity release adviser is Age Partnership. For free and impartial money advice you can visit MoneyHelper.
Are you curious about lifetime mortgages? It’s normal to feel a bit unsure. This guide is designed to help you understand these mortgages better.
Every month, more than 7,000 people visit our website to learn about equity release options, including lifetime mortgages. So you’re not alone.
Here’s what we’ll talk about in this guide:
- The basics of a lifetime mortgage
- How lifetime mortgages work
- Good points and bad points of a lifetime mortgage
- Where to find a lifetime mortgage
- What happens when a lifetime mortgage ends
We know that mortgages and thinking about retirement can be hard to understand. But you don’t need to worry. We’re here to help you understand these things in a clear and easy way.
What is an equity release calculator?
An equity release calculator is an online tool designed to help people easily understand how much their lifetime mortgage loan will cost them over certain periods of time. You enter the amount of equity you want to release and the calculator will show you how much your debt will have grown over specific periods of time, using a representative interest rate only.
Users will be able to see how much they will owe the lender at different stages, such as after 5, 10 or 15 years.
Where can I find a lifetime mortgage interest calculator?
A lifetime mortgage calculator is not as easy to come by as generic personal loan calculators found on most lender websites, but they can still be found online. Equity release advisers and brokers may also offer free use of these calculators on their website or use them with you when you go for a consultation.
How equity release could help
More than 2 million people have used Age Partnership to release equity since 2004.
How your money is up to you, but here’s what their customers do…
Find out how much equity you could release by clicking the button below.
In partnership with Age Partnership.
Should I use a lifetime mortgage calculator?
An equity release calculator is a good way of understanding how much an equity release loan is really going to cost to repay over different periods. They should be used to get a general idea of total costs, but they should not be relied on 100%. This is because these calculator tools use a representative interest rate only, and the interest rate you are subject to could be different.
» TAKE ACTION NOW: Find out how much equity you could release
Things to consider
Equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. Our equity release partner, Age Partnership provides a personalised illustration to explain the full details. The money you release, plus the accrued interest is then repaid when you die or move into long-term care. Advice is required before proceeding with equity release and any existing mortgage must be repaid. Age Partnership provide initial advice for free and without obligation. Only if your case completes would Age Partnership’s advice fee of £1,895 be payable. Other lender and solicitor fees may apply.
