If you’re under 55, it might seem like equity release calculator under 55 isn’t an option for you. But it’s possible to access a lump sum using other financial products. Here are five alternatives.

The most popular type of equity release is called a lifetime mortgage, which allows you to claim tax-free cash from the value of your home, while remaining 100% owner. This type of equity release will be offered by your chosen lender, and you can use the money however you wish. Some lenders also offer the option to protect a percentage of your home’s value, so that your family will inherit some of it after you pass away or enter long-term care.

There are two other types of equity release, which involve selling a stake in your property and are usually reserved for those with poor health who might be unable to manage the costs of a lifetime mortgage. The key difference between these types of equity release is the fee structure, which will impact the total amount you can borrow.

Planning Your Financial Future: How to Use an Equity Release Calculator Under 55

Generally, the main factors that affect how much you can borrow with an equity release calculator under 55 are your age and your property’s value. You can find out more about the maximum sum you might be able to secure from this type of financial product by using an online tool from a trusted provider.

One good option is to try the Age Partnership’s equity release calculator under 55. It’s free to use and only takes a few minutes to complete. You can also learn more about the benefits and potential pitfalls of equity release by speaking to an independent financial adviser.