By using an equity release calculator, you can find out how much tax-free cash could be available to you, if you were to release equity from your home. Why not give the calculator below a go?
What is an equity release calculator?
The equity release calculator below is provided by our partner, Responsible Life. It’s free to use and will provide you with an initial estimate of the amount that you could release from your home. To achieve this, the calculator needs to know:
- the value of your home
- your age
It will also ask you for your address, email, and phone number so that Responsible Life can send you your free guide to later life lending. The free guide will help you to learn more about your later life lending options and how the service works.
Who is eligible for equity release?
If you want to release equity from your home, you must:
- be aged 55 or over
- own your own home worth at least £70,000
- want to release at least £10,000
- be able to repay any mortgage on your home. Many people will use their released equity to do this.
Why should you use the calculator?
Using the calculator could be your first step on an equity release journey. As well as showing you an estimate of the amount that you can release, it will also put you in contact with Responsible Life. Their friendly Information Team will give you a call so that you can have a helpful chat about your later life lending options.
The Information Team cannot provide you with advice and won’t try to sell you anything. They will be there to answer any of the pressing questions that you have and book you a free no-obligation appointment with a Responsible Life equity release adviser when you’re ready. There will only ever be an advice fee charged if you complete a mortgage case.
An adviser can help you to understand more about equity release, as well as show you the effect that it could have on the value of your estate and your entitlement to means-tested benefits.
Why not give Responsible Life a call now on 0800 023 9311 to find out more?
How does an equity release calculator differ to a mortgage calculator?
A mortgage calculator will tell you how much you can borrow based on your income and the deposit you have saved. With an equity release calculator however, your age and the value of your home are used to find out how much tax-free cash you might be able to access.
The equity release calculator doesn’t need to know your income as there is no requirement to make payments when you release equity, meaning there are no future affordability checks.
Your next steps
The calculator is completely free to use and does not require any credit checks. If you’re looking for a flexible way to receive tax-free cash, equity release could be the right choice for you. After calculating your available equity and speaking to Responsible Life’s Information Team, you can ask for an appointment with one of their fully qualified equity release advisers.
Got a question about equity release? The Responsible Life team are here to help
Free from UK landlines and mobiles
Mon to Fri: 9am-8pm. Sat: 9am-5pm.
Royal London have chosen Responsible Life to provide our customers with advice on Later Life Lending products. The Royal London Mutual Insurance Society Limited has a 30% shareholding in Responsible Life and Responsible Lending (Responsible Group) and are part of the same group under FCA disclosure rules.
Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205.
If you choose a mortgage with required repayments during your lifetime then your home may be repossessed if you do not keep up with the payments. A Lifetime Mortgage may impact the value of your estate and could affect your entitlement to means tested benefits. Think carefully before securing other debts against your home.
To understand the features and risks, ask for a Personalised Illustration. Responsible Life’s adviser will talk through the setting up costs of a mortgage before you make any decision to proceed. Only if you choose to proceed and your case completes will Responsible Life charge an advice fee, currently not exceeding £1,490.
If you take out a product recommended by Responsible Life, Royal London Marketing Limited will receive a fee, for this introduction. If you would like further details about this fee, Responsible Life will be able to provide you with this. More information about Responsible Life and how your information is processed is available on their privacy notice. Find out how Royal London manages your personal data.
Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority, registration number 302391. Registered in England and Wales number 4414137.
Responsible Life's registered office is: Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. Registered in England & Wales. Company number 7162252.