In summary…..

With a lifetime mortgage, if a client moves into long term care there would be no penalty as these products waive this fee.

Charges are only payable should a client choose to make an early repayment or if they do not transfer the debt to a new property. The payment required would be the monies borrowed plus interest and possibly a closing admin fee with a lifetime mortgage, plus charges if applicable.

However, for a reversion product this is a little harder to calculate and involves a sale of the property to which the client has to repurchase their property at the full market value and this is if the lender agrees.

For more information please do not hesitate to contact age Partnership.

Kind regards

The Age Partnership Team