Here at Retirement Solutions we are constantly trying to help those approaching retirement or already retired to understand the various financial products that could help them have a more comfortable retirement. One of the more complicated financial products is equity release. To help our readers understand if they qualify for equity release we have built a new equity release calculator.
The new version does require you to enter some basic details about yourself, your property and any outstanding mortgages you may have. Outstanding mortgages does not include personal loans but if you have a secured loan on the property as many retirees do, then this should be added to any mortgage.
Whilst the calculator results will tell you the amount of lump sum you can have after deducting any mortgage first if you are looking for a regular income then this could be accommodated. If you qualify then we recommend that you seek independent financial advice before proceeding.
Equity Release Advice
There is two types of equity release advice out in the the market place
1. Independent Financial Advice which covers the whole of the market and includes every provider that has an equity release product.
or
2. Tied or Multi-Tied advice which only covers a single provider or a panel of providers
If you are considering equity release then once you confirm you qualify using our equity release calculator make sure you take independent advice.
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