Use this equity release calculator from Age Partnership to find out how much cash you can borrow against your home with an equity release mortgage.
Equity Release FAQ:
An equity release is a mortgage where a lender will give you cash in return for a share in the proceeds of the sale of your house in the future. However, unlike with a traditional mortgage, which you repay gradually, an equity release mortgage is not settled until after your home is sold.
- You can release tax-free cash from your home
- You can stay in your home instead of downsizing
- You do not have to make monthly repayments
- You won't own more than the value of your home
- You may not be able to end it early or if you can it may cost a lot in fees
- You are limited in the amount you can borrow against your home
- Having additional cash and savings may reduce your benefits entitlement
- You will compound interest until the equity release is repaid