OneFamily has introduced a lifetime mortgage calculator that provides advisers with the ability to see which lifetime mortgage product is most suitable for their client.

The free online tool requires just the number of applicants, the age of the youngest applicant and the value of the property. It then gives an instant illustration of the maximum loan amount the homeowner can take out and a comparison of costs across all OneFamily’s lifetime mortgage products.

The calculator enables advisers to tell their clients the impact of the borrowing over the estimated term of the mortgage, versus what might happen to the house value. In addition, it also shows how choosing a monthly payment option enables homeowners to access the cash in their property but avoid roll up costs.

Georgina Smith, managing director at OneFamily, said: “Lifetime mortgages are increasingly popular amongst homeowners wanting to unlock cash in their property. Our data shows homeowners are using this cash for a wide range of reasons including home improvements, purchasing of second homes, helping other family members, or just using the additional money to have a more enjoyable retirement. Recent figures show that in 2016 the market surpassed £2 billion for the first time and we expect this to continue this year.

“We’ve designed our lifetime mortgage products to be as flexible as possible to ensure we can help a wide range of homeowners. We have developed this tool to enable advisers to see instantly which product works best for their clients and give them the best possible solution.”