Lifetime Mortgages

Lifetime mortgages involve the taking out of a mortgage secured against the value of the home. There are no monthly repayments and interest is rolled up over the life of the loan and repaid upon leaving for long-term care or death, at which point the property is sold and the lender repaid. Interest can be fixed or capped. One aspect is that the loan can increase as interest is added over time to greater than the value of the property, although SHIP's member schemes offer a no-negative-equity guarantee.

Equity release refers to home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.

For advice on equity release we act as introducers only.

If you live a long time or house prices fall, there may be no equity left for your heirs to inherit.

You should also consider the ways that equity release might actually reduce the benefits you are entitled to. Means tested benefits such as the Pension Credit, and Age Allowance may reduce if you increase your income.

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