A lifetime mortgage allows you to take out a mortgage on your home that does not need to be repaid until you either go into long-term care or pass away.
Equity release will reduce the value of your estate and can affect your eligibility for means-tested benefits.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Most plans now feature much more flexibility than in the past. Here are just some of the features:
You may continue to own your home so you will benefit fully from any future increase in its value. There are also guarantees with some plans to make sure you never pass on any debt, or ‘negative equity’, in your estate — simply choose a plan that has an option to be ‘portable’ (so you can move home in the future).
A lifetime mortgage allows you to take out a mortgage on your home that does not need to be repaid until you either go into long-term care or pass away.
The amount of equity that you can release varies depending on age and the property value; it has nothing to do with credit rating or income. They are becoming more and more popular with people over the age of 55 as, unlike traditional equity release schemes, they allow you to retain full control and ownership of your home. For a free initial chat or meeting at your home to discuss the options available, call us or request a call back below.
