Equity Release Monthly Income Calculator

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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.

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.

Are you wrecking your brain trying to develop new ways to get some extra income? Are you retired but you’re uncertain about the amount of your pension pot? Did you save up enough to last you the rest of your life?

Let me tell you something.

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.

Now:

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:

What’s a Lump Sum?

A lump sum is a form of payment. It’s a large sum of money paid as a single instalment, rather than repaying in smaller amounts more regularly. When it comes to loan vocabulary, people also refer to it as a bullet repayment. Equity release plans, for example, can be repaid as a lump sum when you pass away, or in monthly instalments.

Now:

The monthly-income mortgage plans allow you to withdraw a fixed income from your property’s market value over different times. You can either decide on the tax-free money over 10, 15, 20 or even 25 years.

Best of all:

An income lifetime mortgage is the best option for you if you only need a little bit of extra cash. A monthly income mortgage plan is a very secure way to loan money and receive a little extra income every month.

But you might be asking yourself:

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 the ERC or the Equity Release Council, who 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

Well, the ERC2 is an establishment that has set up a code of conduct so that you can have peace of mind.

Listen to this!

They’re an industry body taking care of everything equity release-related. It’s self-regulated, and they’re a non-profit organisation. 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.

Equity Release Council Policies

You’re guaranteed the right to stay in your home as long as you wish. You can stay in your home your whole life if you want to do so. Another option is to move houses and transfer the equity release plan without paying a fine (thanks to their downsizing protection policy).

Best of all:

They guarantee your residency with both kinds of equity release plans: lifetime mortgage and home reversion plans.

Now:

The council also offers a No Negative Equity Guarantee, which is excellent! Why? This guarantee ensures that the mortgage amount plus accumulated interest will never be more than the value of your property. In other words, the homeowner is protected when the property market takes a turn for the worst.

Let me tell you something…

The homeowner is also protected if his/her house depreciates or when his/her mortgage is more than what the property would sell for when the time comes to repay the loan.

But wait.

The FCA is also there to protect you. Their job is to ensure your provider and advisor follow the rules to the T. So, you don’t have to worry. You’re in good hands when it comes to Equity Release.

The Equity Release Council Protect You From…

The Equity Release Council is there to help you see and avoid these equity release providers:

  • Plan providers who don’t have a ‘no negative equity guarantee.’
  • Lenders who aren’t members of the ERC.
  • Providers who charge high interest rates.
  • Lenders who charge you very high repayments and who charge them early.
  • Equity release firms that give you large loan amounts before they even analyse your circumstances.

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

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 question, feel free to contact us directly.

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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.

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