If you are considering how to release equity from the value of your home, the biggest question you will probably want an answer to is, how much can I actually release from my property.
You may well have a figure in mind of how much you wish to raise and want to know if that amount is even a possibility.
Equity Release Supermarket has an online calculator to help you work out how much your maximum equity release figure will be.
In order to confirm whether you can release equity from your property, lenders will take into account a number of factors, including the type of loan you wish to take, and the actual amount of equity you wish to draw down.
They need to look at the age of the youngest householder, as the minimum age for these type of plans is normally 55.
Then, very importantly, the value of your property will, of course, be a big influence of the maximum equity you can release and the money you can access.
Obviously, many people looking at equity release will have full ownership of their property, but for those who still have some outstanding mortgage and debt secured against their house, the actual maximum amount that can be released will have to be reduced by the amount of outstanding mortgage or secured loan.
Finally, some lenders look at the health of the homeowners. Unfortunately, ill health may reduce the amount of equity some lenders will be prepared to release.
The calculator offers a number of results to allow homeowners to compare the different types of equity release plans and the amounts that may be available. This enables you to look at your different options all in one place and helps you to choose the most suitable way to access the equity in your home.