They are quick and easy to use, but what personal information does an equity release calculator need? 

Approximately 63% of online users worldwide do not believe companies are as transparent and honest about using clients’ personal data as they should be.¹

With these statistics in mind, it is understandable that you may be sceptical about entering your details online. 

To help you decide whether to use any of the equity release calculators readily available online, or ours, SovereignBoss’ team of experts has researched what information you will need to provide.

Therefore... 

Do I Need to Enter Any Personal Information into an Online Equity Release Calculator? 

No, you do not necessarily need to enter any personal information into a free online equity release calculator, but it depends on which one you choose. 

With so many calculators available online, you will find that the requirements will vary across the board. 

Where some will promise you an instant result, others will suggest four options you may qualify for, and others will require a mobile number or email address to send your results to.

If you are against entering any personal information into the calculator, then no need worry; you are sure to find one to accommodate your wishes. 

What Information Is Required to Use Our Equity Release Calculator?

The information required to use our free equity release calculator will be your age and the approximate value of your home. 

These two factors are the basis of any equity release calculation. 

In addition to the above, our calculator requires your name and your mobile phone number so can send your results to you. 

Although some calculators can produce an estimate purely based on your age and property value, others may require additional facts to complete their calculations. 

Some extra details you may need to submit when using alternative calculators:

• The approximate value of any outstanding mortgage or loan against your home
• Whether you wish to take out a single or a joint plan
• The type of property you own i.e., house, flat, bungalow, etc.
• Whether you wish to apply for an enhanced lifetime mortgage based on poor health
• Your physical address
• Your phone number
• Your email address

Bear in mind that whichever calculator you choose and however much information you submit, the results will always remain an approximation only. 

How Different Equity Release Calculators Handle Personal Information

Equity release calculators vary in how they handle personal information.

Some calculators require detailed data, such as full financial disclosures and personal identifiers, to provide precise estimates.

Others collect minimal information, focusing primarily on age and property value to offer a general estimate.

Additionally, the methods for securing personal data differ. Some calculators use advanced encryption and secure servers to protect information, while others may implement simpler security measures.

Users should review each calculator’s privacy policy to understand how their data will be used and safeguarded.

Comparing these practices helps ensure users choose a tool that aligns with their privacy preferences.

Privacy vs. Precision in Equity Release Estimates

Providing personal information in an equity release calculator directly impacts the precision of the estimate.

While inputting detailed data like age, property value, and outstanding mortgage balances leads to more accurate results, users often worry about privacy.

The balance between accuracy and data protection is crucial.

Some calculators offer basic estimates with minimal information, maintaining user privacy but sacrificing precision.

In contrast, others ask for more detailed inputs, ensuring a tailored estimate that reflects the user’s specific circumstances.

The choice between privacy and precision ultimately depends on the user’s comfort level and need for accuracy in the equity release process.

Legal and Compliance Aspects of Personal Data in Equity Release Calculators

Equity release calculators must adhere to stringent legal and compliance requirements regarding personal data.

The General Data Protection Regulation (GDPR) mandates that personal information is collected and processed transparently, with explicit consent from users.

Calculators must ensure data is securely stored and not used beyond the intended purpose.

Additionally, the UK Data Protection Act 2018 reinforces these requirements, enforcing strict guidelines on how personal data should be handled.

Equity release calculators are required to provide clear privacy notices and allow users to access, correct, or delete their data.

Compliance with these regulations not only protects user privacy but also builds trust in the tools used for financial planning.

Common Questions

In Conclusion

If you decide that taking the step to release equity could offer a financial solution in your later years, a consultation with a qualified equity release advisor or broker will be a vital step.

Fortunately, we offer a free telephonic consultation from Age Partnership when you use our calculator.

*Whilst the initial consultation is free, you will be charged if you opt for equity release.

If you remain unsure, do some more research, talk to friends and family who may already have taken out an equity release plan, and get a feel for whether this financial tool could be right for you. 

Now that you know what personal information you will need to provide to use our equity release calculator, why not try that first and discover approximately how much you may be able to borrow?