What is a Lifetime Mortgage
Lifetime mortgage
A lifetime mortgage is when you take equity out of your current property and use it as a lump sum or smaller regular payments.
You still own your home and have the option to pay the interest on the loan as you go along or you can let it amount to a final sum at the end. This won’t be paid until you pass away, get taken into care or when the property is sold.
With our plans, you are protected with a no negative equity policy. This will ensure that if there isn’t enough left over after your death and the house is sold, your beneficiaries will not have to pay more than the value of the house.
If you are undecided what is the best option for your current financial situation, it is always best to consult with a financial advisor who can assist you on which form of equity release could suit you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You will need to take legal advice before releasing equity from your home as Lifetime Mortgages are not right for everyone.