Retirement Mortgage Calculator (Oct 2021)
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You could be sitting on a goldmine and not even know it. Believe it or not, but if you’re a property owner, you could have the opportunity to live a financially stress-free retirement.
We’ll help you discover:
- An introduction to retirement mortgage products.
- How to use our FREE retirement mortgage calculator.
- How your lender will calculate the amount you can borrow.
Guess what! We’re here to be your ultimate guide. At SovereignBoss, our expert team constantly keeps up-to-date on the latest trends in the retirement mortgage industry.
Now, let’s take a look at how our calculator can help you in Oct 2021, right now.
What is a Retirement Mortgage Calculator & How Do You Use It?
Our retirement mortgage calculator is designed to give you an accurate overall estimate of how much equity you could be entitled to unlock through a retirement mortgage product. The calculator will work out the maximum you could be set to release from your home.
The whole process takes just 8 seconds!
Firstly, you’ll need to provide an estimated value of your property, followed by a few personal details.
I’ll team will then email your quote. It’s that simple.
In addition, you’ll receive a FREE telephonic consultation with one of the expert advisers at Age Partnership, one of the leading companies in the industry.
Take note: The calculator provides an estimate based on industry standards. Your final offer will be based on a detailed and up-to-date valuation¹ conducted by your lender.
An Introduction to Retirement Mortgages
Retirement mortgage is an umbrella term for all forms of later-life financial mortgages available in Oct 2021. Therefore, this calculator will give you a broad sense of how much cash could be available, but it could differ depending on the product you select.
Retirement mortgage products include:
- Equity Release
- Hybrid equity release products
- Retirement repayment mortgages
- Retirement interest-only mortgages
Once you have your estimate, it’s ideal to contact a whole market independent financial adviser² who’ll aid you in finding the best product to suit your and your family’s needs.
Most retirement mortgages require you to be 55 or older (this may differ from one product to the next), and your property value must be at least £70,000.
How Will a Retirement Mortgage Lender Calculate the Amount I Can Borrow?
Your lender will consider the following criteria to determine how much equity you can borrow against the value of your estate:
Mortgage Calculators for Pensioners with Bad Credit
If you have a history of bad credit, it’s still worthwhile to try our retirement mortgage calculator.
While you’re likely to struggle to get an RIO or retirement repayment mortgage, you can still qualify for equity release.
With equity release products available in Oct 2021, the house serves as collateral for the loan. In addition, you’re under no obligation to pay the loan, plus interest, during your lifetime.
Therefore, many lenders won’t bother to consider doing credit checks, giving you some equity release options.
Finally, equity release can be used to pay off those nasty debts that you’re struggling to get rid of. You can finally relax and enjoy your retirement, stress-free.
Got Questions? Check These First
How Much Can You Borrow with the Retirement Mortgage Calculator?
The amount you can borrow with a retirement mortgage calculator depends on your age and the value of your property.
How Do You Use the Retirement Mortgage Calculator?
You use the retirement mortgage calculator by filling in your details. The process takes 8 seconds, and we will send the final calculation to you via email.
There are so many retirement mortgage products available on the market that can give you the means to enjoy the rest of your life. If you’re cash strapped, over 55, and a homeowner, you’ve got some serious options.
Once you’ve received your estimate via email, you should contact an independent financial adviser who can assist you in preparation for your retirement.
Take a look at the types of equity release to help you decide if these products could be right for you and your family. It’s never too late to prepare for your future.
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.
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Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.