It’s typically an equity release plan that enables you to top up your pension income through acquiring a fixed income⁵ every month into your mortgage plan. It’s the ideal option if you want to supplement your pension fund or regular payment if you’re still working even after retirement.

It’s also incredible if you need to maintain your lifestyle or fund that vacation destination.

Well, to figure out how much you can get from an income lifetime mortgage plan, you can use the income lifetime mortgage calculator and input:

• The estimated value of your estate – which needs to be at least £100,000 and not over £4m
• The youngest homeowner’s age – which should be at least 55 years and not over 90
• Your postcode – your home should be within the remits of the UK
• The term over which you’d like to receive your income – you can choose for it to be in 10, 20, or 25 years

Well, like all other equity release mortgage schemes, the income mortgage loan allows you to untie the capital locked up in your estate by turning it into a monthly income.

The amount you get plus all the interest accrued is paid when you die or move into residential care. With this mortgage, you can also choose whether to withdraw the capital in a lump sum, in drawdowns or as a combination of both.

The income lifetime mortgage, unlike other plans, also offers you a monthly fixed income over an approved period, which is mostly between 10-25 years.

Well, based on most equity release companies, to qualify for the income mortgage scheme, you have to:

• Own a home worth more than £100,000 but not over £4m
• Your estate should be within the remits of the UK
• The youngest homeowner should be 55 and above, but not over 90 years

Moreover, the minimum initial amount you can receive from this mortgage loan is £2,500 to help you in paying for the set-up charges.

The minimum income mortgage amount you can receive is usually £200 per month, and the mortgage lenders offer you have several options to get the money over 10 to 15, or 20 to 25 years.

To figure out the maximum amount you can borrow with the income lifetime mortgage schemes, you must use the income calculator that requires you to input:

• The estimated value of your estate. According to the Equity Release Council⁴ (ERC), it should be at least £100,000 and not over £4m. The house should also be within the remits of the UK
• The youngest homeowner’s age. He/She should be at least 55 years and not over 90
• Your postcode, to determine where you reside
• The term over which you’d like to receive your income. It can be within ten, fifteen, twenty or twenty-five years

These are the criteria that most mortgage providers use to decide how much equity you can borrow. You don’t have to alleviate your high blood pressure thinking about where to get the funds for that bathroom renovation.