If you are a homeowner over the age of 55, use our free instant equity release calculator to see how much you could release.
Equity release is a type of product available to homeowners over the age of 55. It can be useful if you’re interested in turning some of the value of your home into cash in the bank.
At Responsible Life, we can offer advice on the most popular equity release product, a Lifetime Mortgage. These are designed to last for your entire lifetime and empower you to choose whether to make payments or not. The full loan, plus any unpaid interest, is only repaid when you die or enter long-term care.
There are a variety of features that you can consider, as well as risks to be aware of. When speaking with an adviser, you can learn more about the pros and cons of releasing equity. They will let you know that the value of your estate will be reduced and that your entitlement to means-tested benefits could be affected. Together, you will also explore the flexible features available to help you control this.
Our equity release calculator is designed to show the amount of equity that could be available to you, using the age of the youngest homeowner and the estimated value of your home. Here’s what you can expect:
Once you have completed the calculator and spoken with the Information Team, an advice appointment is the next step.
At Responsible Life, it’s our mission to find the right solution for you. That’s why your adviser will conduct a thorough assessment of your circumstances and compare a variety of products, including Lifetime Mortgages, Retirement Interest-Only Mortgages, and traditional mortgages.
Alongside this, they will help you to consider whether borrowing is the right option or not. In addition to a full comparison of available products, you might want to think of downsizing or making use of your existing savings.
At Responsible Life, we want to make sure that you're both comfortable and confident when making a decision about your finances. That's why we will:
We offer a wide variety of products made available to the whole of the market, with flexible features throughout. We also offer access to products not available through other services.
At Responsible Life, we will compare a range of financial solutions. We find that the most popular way of releasing equity is with a Lifetime Mortgage. However, we want to ensure that you have access to a wide range of products and can also provide you with access to Retirement Interest-Only Mortgages and traditional mortgages if these would be more suitable for you.
The amount of equity that you can release depends on two factors: the age of the youngest homeowner, the value of the home, and whether or not you have any medical conditions.
Lenders will offer a maximum percentage based on your age, so the calculator will calculate this percentage against the value of your home to provide an estimated figure.
Equity release is a lifetime loan, and the full amount is not due to be paid back until the last homeowner has died or entered long-term care. However, it is entirely up to you whether or not you make any payments within your lifetime. You could choose to pay the interest monthly, pay some towards it as and when you want to, or pay nothing. Any payments come without obligation too, so you can choose to stop making them at any time without penalty.
Equity release is not recommended for short-term borrowing needs. However, we understand that your circumstances can change, which is why we offer access to products with fixed and defined early repayment charges. Your adviser will make you aware of exactly what they will be in each year following your release, usually reducing over time. This allows you to plan for the future and understand exactly how much you will owe should you choose to repay the equity release early.
Yes, this will form a part of your consultation with an adviser. They will conduct research and show you the different options so that you can understand the features available and the interest rates. In addition to a full comparison of equity release products, your adviser will assess your suitability for traditional mortgages and Retirement Interest-Only Mortgages.
They can answer your questions and help you to find out more about your options over the course of a short, approximately 10-minute phone call. This is a free, no-obligation service.
The full amount borrowed, plus interest, is only repaid when the last homeowner either dies or enters long-term care. This is usually achieved with the sale of the home.
