Equity Release Supermarket (ERS) has increased the number of online tools that it has available for customers with the launch of three new calculators.
The broker has introduced calculators for drawdown lifetime mortgages, retirement interest-only (RIO) mortgages and income lifetime mortgages – taking the number of calculators it has available to nine.
Equity Release Supermarket also exclusively offers three additional calculators allowing users to analyse various situations to help decide their best course of action.
These are a switch plan calculator, which determines if moving to a new plan is financially beneficial, a voluntary repayment calculator, to help the user understand the benefit of making overpayments and an equity remaining calculator, to help customers understand the estate they will leave when their plan in repaid.
Mark Gregory, founder and CEO of Equity Release Supermarket, said: “The past couple of months have brought about significant changes to how we live and work, in particular encouraging people to embrace online activity and interact digitally.
“We have long been pioneers of technology within the industry, so are already geared up to bring our customers greater choice and flexibility online.
“We’ve just launched our new video chat solution, providing customers with that highly sought-after face-to-face interaction, and now our expanded range of online calculators add to our suite of digital tools.
“We now offer a calculator for each type of lifetime mortgage as well as for home reversion plans and for RIO (retirement interest-only) mortgages.
“Having a calculator that is specific to each option is vital as each equity release plan or mortgage has unique features that impact the final calculations of a customer’s loan.”