Calculate Your Monthly Income Today!

Calculate Your Monthly Income Today!

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.

You don’t need to worry anymore. There’s a great loan option, and it’s the income lifetime mortgage. This mortgage can give you that boost in income that you need for your retirement life. It can also help to fund renovations or a nice gift for your child.

Some people also use this extra money for a lovely and much-needed vacation. The options are endless! Some reasons are a bit more serious, like buying out your ex during your divorce or paying off debt that’s been haunting you for years.

Income Lifetime Mortgage Explained

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 most equity release mortgages, the income lifetime mortgage enables you to borrow lump sums of cash.

You might be asking yourself:

How Does The Calculator Work

How Does The Calculator Work?

How do I know how much I’ll get monthly from my income mortgage plan. Well, you can simply use the monthly income calculator. Here’s a helpful guide on how it works:

  • Input the value of your property (not the amount you paid for it, but the amount it was evaluated for)
  • Input your age
  • Input your phone number and your email address
  • You’ll receive an email with the amount you’ll be accepting per month according to the information you provided the calculator

It’s as simple as that! Now, after you’ve seen the estimated amount you can get per month, you might be seriously considering taking out an income lifetime mortgage. But you’re still wondering if it’s a safe option for you.

Let’s take a look:

Is An Income Lifetime Mortgage Safe?

There’s nothing you should worry about when it comes to an income lifetime mortgage. Yes, they may have been a little unsafe in the past. Way back when. However, providers have redeemed themselves by establishing safety measures for their clients. For example, they are implementing a no-negative-equity guarantee.

Now:

The no-negative-equity guarantee1 is implemented by ERC2 or the Equity Release Council, which continuously protects you and your estate against anything dangerous or risky. So you don’t have to be afraid of income lifetime mortgages anymore. You’re safe in their hands.

The ERC you ask?

The ERC For The Win

The ERC For The Win

Well, the ERC¹ is an establishment that has set up a code of conduct so that you can have peace of mind.

They’re an industry body taking care of everything equity release-related. It’s self-regulated, and they’re a non-profit organization. Starting as SHIP (or Safe Home Income Plans), they relaunched and redesigned themselves as the Equity Release Council in 2012.

Now, let’s look at their services:

  • Their job is to tell you everything you need to know about equity release and all the products related to it.
  • They’re there to protect and safeguard you throughout the process, and they also protect your finances.
  • They spread the word about equity release being a form of income once you retire.
  • They represent hundreds of firms and members within the equity release industry. These include advisers, lenders, solicitors and surveyors, for example.

You might be asking yourself:

Is equity release safe? Well, to be honest, it’s much safer now than it used to be. Thanks to the Equity Release Council, you’re safer than ever. Their policies are specifically created to protect you and to safeguard you.

To Find Out More: The Equity Release Council

Common Questions

What's an Income Lifetime Mortgage?

How Much Do I Qualify For Using The Income Mortgage Calculator?

How Do I Calculate My Monthly Income Mortgage Plan?

How Do I Use The Monthly Income Calculator?

In conclusion

You may be at the point in your life where you are retired and therefore are looking at ways into making more income for yourself. You’ve had a look at your pension pot and you are swirling your brain around trying to figure out ways in adding to it.

It’s a very safe option if you choose to take out an income lifetime mortgage nowadays. 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 questions, feel free to contact us directly.