An IntroductionTo Lifetime Mortgages
If you are 55 or over and you own your own home, you could qualify for a Lifetime Mortgage and unlock a lump sum from your property to help you enjoy the retirement you deserve.
The value of your home, minus any outstanding mortgage or any other lending secured on it, can be described as your ‘equity’. A Lifetime Mortgage is a type of equity release that enables homeowners like you to unlock some of this value as tax-free cash. Because the funds are yours in the first place – you’re simply ‘releasing’ them – the money you receive is tax-free and can be spent on anything you like.
With no monthly repayments to worry about, although you can choose to service all or part of the interest and even make capital repayments if required, the loan and any interest accrued is repaid on either the sale of the property, entering long term care or death (of the surviving partner for joint applications).
Get In Touch for FREE Advice