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What Are Lifetime Mortgages
As the name suggests, a lifetime mortgage is a borrowing secured on your home that has no defined end date, for most customers it will finish upon death, or if they are admitted into long term care; however nowadays not all customers want to keep it for life, for example you may decide to sell and downsize in the future and have the ability to repay the lifetime mortgage, which you can do at any time. The amount you are able to borrow is not dependant on your income in any way. It is based on your age and property value, and in some cases your health can be considered which can increase the amount you can raise. All Equity Release Council approved lifetime mortgages give you the legal guarantee that you can live in your home for life and also provide a ‘No Negative Equity Guarantee’ meaning you cannot owe back any more than the value of your home when it comes to an end. I explain all options clearly so you understand how a lifetime mortgage works and how it could benefit you as well as any risks involved
No Monthly Repayments Needed
One of the key advantages of a lifetime mortgage is that there is no requirement for any mandatory repayments, giving you the ability to raise money but not have to worry about paying it back on a monthly basis.
Essentially the money borrowed is usually repaid from your estate when it’s settled in the future. This structure allows you to maintain financial flexibility and focus on enjoying your retirement without worrying about additional monthly financial commitments.
That said most lifetime mortgages now do have a ‘voluntary payment option’ which gives you a flexible payment ability, meaning you can if you wish to make some form of payment back to the lender either on a regular, or irregular basis; you are very much in control of how much you pay back, and the frequency of payments. This is useful if you want to try and reduce the amount that you owe back in the future
Safe, Informed Decisions
I guide you through every available option, including fees, interest rates, and long-term effects on your estate. My goal is to answer all your questions and queries and give you all the information that you need to make an informed decision as to if equity release is something from which you would benefit.
Reach out now to learn more about how it all works!