Lifetime mortgage
A lifetime mortgage is the most popular form of equity release as it enables you to continue to own 100% of your home, whilst also releasing a lump sum of tax-free cash from the value of your property. There is no requirement to make regular monthly repayments as the equity that you release, plus any interest accrued, is repaid when you die, move into long-term care or permanently leave the property.
At Age Partnership we work with leading lenders across the equity release market to find the most suitable lifetime mortgage plan for each customer, based on their individual circumstances.
- Advantages
- Disadvantages
- ✔Plans are available from the age of 55.
- ✔The cash you release is tax free and can be spent as you wish.
- ✔You continue to own your home, thereby benefiting from any future increase in its value.
- ✔There is no requirement to make monthly repayments with a lifetime mortgage.
- ✔The ‘no-negative-equity’ guarantee ensures that you can never pass on debt to your estate.
- ✔Lifetime mortgage plans can allow you to protect a percentage of your property value so that your family could inherit a part of the property value.
- ✔No more monthly repayments for your mortgage as it is a condition that you pay off your mortgage with the money you release from your home.
Please call us today for a no-obligation chat on Freephone 08080 555 222 . Our friendly advisors are ready to answer any questions you may have.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks ask for a personalised illustration.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.
