Lifetime Mortgage (Equity Release)
Lifetime mortgages have been around for years, but with changes to regulation and lender innovation, these types of mortgages are so much more flexible and come with so many safeguards now. All with the aim of protecting you and your family.
Lifetime mortgages
Lifetime mortgages are split into 2 categories, Equity Release and Home Reversion.
Equity Release is similar in a sense to the traditional mortgage, you own the property and you have a mortgage on it with a mortgage lender.
Home Reversion is very different, this is where you sell all or part of your home to a third party. They own all or part of your home but give you the right to live in the property for the rest of your life, or until you need to leave to have full-time care.
As a company, we made the decision to only offer advice on Equity Release mortgages. We do not offer advice on Home Reversion.
Equity Release is often tarnished with a bad reputation of losing all the equity in your home and leaving nothing to your beneficiaries. The reality now is that the option have become so flexible that it almost always surprises our clients when we discuss it in detail.
When we review your situation we will tailor our recommendation based on all of your needs, we will then leave you with the recommendation and have a policy that we will not contact you to progress, you will need to contact us to move forward. This ensures you never feel any undue pressure to take out such a mortgage.
Equity Release Purchase
Many people assume you already need to own your home to do an equity release mortgage, not the case! We have helped many clients move home and take an Equity Release mortgage out on the new purchase.
Interest only mortgage coming to an end and not ready to sell?
See if Equity Release could be a solution, taking out an equity release mortgage to pay back your existing interest only mortgage makes up for a very high number of equity release cases.
Did you know?
Many Equity Release products allow the following:
Paying the interest each month, paying some of the interest or paying none of the interest - whatever you prefer.
Fixing the rate for life - so you never have to worry about any changes in interest rates.
You may be able to have a reserve facility so you can borrow more at a later date.
You may be able to downsize in the future, each lender has a different rule to this but we tailor the right solution every time.
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