This tool provides an estimation of the funds an individual might access from their property through a lifetime mortgage or similar plan. For instance, entering property value, age, and any outstanding mortgage balance into this tool will produce an approximate amount available for withdrawal. This is not a final figure but rather a preliminary indication of potential funds.
This type of calculation is an essential first step in determining if equity release aligns with financial goals. It offers a preliminary understanding of the financial implications, enabling individuals to explore different scenarios and make informed decisions. Historically, these calculations were performed manually or required direct consultation with a financial advisor; the advent of automated tools has streamlined the process and made it more accessible.