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Are You Considering Equity Release as a Way to Get Some Extra Cash? We're Telling You Everything You Need to Know About the Monthly Income Calculator So That You Can Determine What Amount You'll Be Able to Loan.

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I think you’ll agree with me when I say:

It’s REALLY hard to choose the best monthly income calculator with all the choices available.

Or is it?

Is our free Oct 2021 equity release calculator the best?

Have you been having migraines thinking of ways to supplement your meagre income? Did you retire but aren’t confident about your pension fund1 (you probably didn’t save up enough)?

Well, worry no more because, with the income lifetime mortgage, you can get that extra capital you need to help you fund the home improvement project, buy out your spouse after the nasty divorce you’ve had or even pay off the stacked up bills that have been staring at you.

The income lifetime mortgage is typically a lifetime mortgage plan that allows homeowners aged 55 to receive a monthly income from the capital tied up in their estates. Unlike with most equity release mortgages2, the income lifetime mortgage enables you to borrow lump sums3 of cash.

Moreover, the income mortgage schemes enable you to draw a fixed income from your estate’s market value over various periods. You either choose to get the tax-free cash over 10, 15, 20 or 25 years.

If you don’t necessarily require a considerable amount of capital to pay off your mortgage or pay for that ticket to Maui, and would prefer the security of having monthly income paid into your bank, then an income lifetime mortgage is your best option.

So, how does one figure out the amount they can get from an income mortgage plan? Well, you can do so by using the monthly income calculator and here’s a comprehensive guide on it.

Did You Know? A homeowner over 55 unlocks £91,667 tax-free cash every 12 minutes in the UK.

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In Conclusion

It’s a very safe option if you choose to take out an income lifetime mortgage in Oct 2021. And it’s the easiest thing ever to calculate how much extra cash you qualify for by using this monthly income calculator! For any further question, feel free to contact us directly.

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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rachel w

Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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