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To calculate the maximum amount that can be released, you need the age of the youngest homeowner and an estimate of your property’s value. Eligibility for equity release plans start from the age of 55.
The amount that you could release will depend on the age of the youngest homeowner. The older you are, the higher the percentage of equity that you could release.
Our calculator will take your age and the estimated value of your home and return an estimate for you, showing the minimum and maximum amounts available. By completing a calculation, you will also receive a copy of our free guide to releasing equity.
To calculate the maximum amount that can be released, you need the age of the youngest homeowner and an estimate of your property’s value. Eligibility for equity release plans start from the age of 55.
The amount that you could release will depend on the age of the youngest homeowner. The older they are, the higher the percentage of equity that you could release.
Our calculator will take your age and the estimated value of your home and return an estimate for you, showing the minimum and maximum amounts available. By completing a calculation, you will also receive a copy of our free guide to releasing equity.
At Responsible Life, we're delighted to bring you a whole of market advice service, comparing over 400 equity release products, including some exclusive to us. These different options will include Lifetime Mortgages, Retirement-Interest-Only Mortgages, and traditional mortgages to help find the best fit for your situation.
If you choose equity release, you’ll benefit from expert support, with a team of qualified equity release advisers there for you at every step. From your first no-obligation appointment through to our lifetime care service after your case completes, you can move forward at your own pace, with no pressure to decide until you are ready.
Having been in the industry for over a decade, you can feel secure knowing we have a full understanding of the process and will support you throughout to help you meet your goals. Our expert advisers always strive to get you the best possible outcome.
And, you will never be charged a penny for our advice unless you decide to move forward and take out a product with us- our single advice fee will not exceed £1690 and is only charged if your case completes. That's the Responsible guarantee!
Equity release is a financial product and your entitlement to it is based on eligibility. Before you go ahead, it’s important to be aware of both the benefits and the drawbacks of a Lifetime Mortgage.
1. You’ll receive a tax-free lump cash sum to use however you want.
2. We’ll only recommend lenders who are members of the Equity Release Council, therefore all Lifetime Mortgage’s advised on will come with a no-negative-equity guarantee. This means you will never owe more than the value of your home.
3. You could make optional repayments on your Lifetime Mortgage - whether that’s a voluntary repayment or clearing the accrued interest each month.
4. Potential flexibility if you opt for a drawdown product, which allows you to leave a portion of your equity in a reserve facility. Interest will only accrue on the cash you’ve drawn down. However, the interest rate on each amount drawn down will be fixed at the rate available at the time, which may be higher or lower than your initial release.
5. Ownership of your home will remain with you.
6. The overall loan is often eventually cleared with the sale of the home after you pass away or move into long-term care.
1. Releasing equity will reduce the value of your estate.
2. It could affect your entitlement to means-tested benefits.
3. Interest accrued on your Lifetime Mortgage will compound, therefore the amount you owe could increase quickly.
4. Your future financial options could be reduced..
5. Ownership of your home will remain with you.
6. The overall loan is often eventually cleared with the sale of the home after you pass away or move into long-term care.
Equity release is a financial option for the long-term. That’s why it’s essential you get expert advice to find out whether it’s the right choice for you moving forward.
Finding out how much you could release is the next step before talking to one of our advisers.
It’s right that you will have questions about choosing an equity release product. Especially with the misinformation out there, it’s important to only consider the facts.
As said above, with a Lifetime Mortgage, you’ll remain the owner of your home and you won’t be leaving debt behind you because of the no-negative-equity guarantee. As well as this, even if you already have a mortgage, you could potentially use equity release to clear it. Read more about the little-known truths of equity release.
If you have further questions about equity release, you can visit our frequently asked questions (FAQ) page. There you will find answers to some of the most common questions that our customers have. We hope that this page will provide you with useful information and guidance.