Advise Wise, the later life sourcing platform, has launched a calculator that allows advisers to compare the costs of later life mortgage products for older borrowers side by side.
The calculator gives a view of the key financial details across traditional mortgages, retirement interest-only deals and equity release loans. Brokers will be able to compare payment schedules, interest roll-up and the total amount borrowed and owed throughout the loan term.
The tool illustrates the benefits of making regular payments over different time periods and shows how different payment scenarios affect the total amount paid, any interest roll-up and final loan balance.
Aaron Conlon (pictured), managing director at Advise Wise, said: “Our new Cost Calculator is a game-changer, it equips advisers with the tools needed to provide bespoke advice, and by giving a full view of payments and interest across a range of products it ensures clients understand the long-term benefits and the financial implications of their chosen plans. It adds unparalleled depth to the sourcing journey, offering deeper insights to support advisers in delivering exceptional outcomes for their clients.”
The calculator is integrated into the sourcing journey on the Advise Wise platform.
The launch of the comparison calculator follows the company’s application programming interface (API) integration with lender Canada Life.
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The API integration means that Advise Wise users can request instant key facts illustrations (KFIs) and submit online applications from Canada Life’s product range in a few clicks directly on the platform.
