Benefits of Lifetime Mortgages
Equity release schemes allow you to release tax-free money from your property to improve your savings in later life. Lifetime mortgages are the most popular types of plans in the UK and there are many benefits of these.
No monthly repayments for lifetime mortgages
At Age Partnership, lifetime mortgages are available to people aged 55 and over. Just like a standard mortgage the loan is secured against your property but you don't have to make regular repayments or pay back the mortgage during your lifetime because the money that is released is yours in the first place. The cash you have released plus any interest amassed is repaid from the proceeds of your house once it is sold when you pass away or move into long-term residential care.
With lifetime mortgages the property still belongs to you
Equity release plans are growing more popular but that wasn't always the case as many elderly homeowners were once sceptical about lifetime mortgages because they were under the impression that you had to give up ownership of your home. With lifetime mortgages that's not the case because you release a proportion of the equity in your property whilst continuing to own it 100% for the duration of your lifetime if you wish to remain in the property. This also means that if house prices go up you will continue to benefit from your property's increase in value.
Lifetime mortgages no negative equity guarantee
Lifetime mortgages come with our 'no negative equity' guarantee simply meaning that you will never owe more than the value of your home and consequently you can never pass on debt to your loved ones when you pass away. Of course, the amount you will leave as an inheritance will be affected, which is why we recommend you talk it over with your close family before going ahead with an equity release scheme.
Learn more about Lifetime Mortgages
Over 95% of Age Partnership's clients opt for lifetime mortgage plans because it's safe and offers many benefits. As with all equity release schemes it is important you know all the ins and outs and we strongly recommend you talk to one of our specialist advisors on 08080 555 222 for more information. With lifetime mortgages the amount of equity you are able to release will depend on your age and the value of your home as shown in Age Partnership's equity release calculator.
Call us today on freephone 08080 555 222 to find out how equity release could help you.
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