A lifetime mortgage is a form of equity release where a loan is secured against your property to provide you with a tax free cash lump sum or a regular income to spend as you wish, with no monthly repayments to meet.
Interest is added to the lifetime mortgage loan throughout your lifetime, accruing at a fixed or variable rate. The loan plus interest is eventually paid back when the home is sold, usually when you move into long term care, or when you and your partner die. You can typically release between 20-56% of the value of your home with a lifetime mortgage, depending on your age. The minimum age is 55.
The Lifetime mortgage has become a highly popular form of equity release over the past few years, prompting many providers to offer a variation of a lifetime mortgage called a drawdown plan which allows you to release equity as and when you need to, rather than taking a lump sum. You can get an idea of how much equity you could release with a lifetime mortgage by referring to our equity release calculator.
We are independent equity release advisers who offer impartial and specialist advice on a range of equity release schemes including drawdown lifetime mortgages. To find the best equity release solution for you, get specialist advice on equity release by speaking to our friendly and knowledgeable equity release adviser.
No home visit will be required, however you can choose this option if you would prefer without any obligation to proceed. We believe in offering a valuable and honest service of providing impartial and knowledgeable equity release advice without obligation.
Why not check out our equity release calculator and find out how much cash you could release from your home.