Lifetime Mortgage Quotes
A lifetime mortgage is a type of equity release plan that allows you to take cash from the equity that has accumulated in your property.
Lifetime mortgage lenders now give homeowners aged 55+ the option to turn the equity built up in a property into tax-free cash without selling up or downsizing. You continue to own the property 100%, keep the deeds in your name and have the right to remain in your property for life.
For quotes and advice on your lifetime mortgage options if you are aged 55 or over please complete the enquiry form below:
The are 3 main types of lifetime mortgage:
1. Roll Up Lifetime Mortgage - You can borrow money secured against your home. You recieve an agreed sum against the value of your property and interest payments are added to the loan. The total amount repaid to the provider when the property is eventually sold is the initial loans amount plus any accumulated interest. for most plans the interest is fixed and does not change during your lifetime.
2. Drawdown Lifetime Mortgage - Works the same as a roll up lifetime mortgage but you can choose to release the money flexibly as and when you need it. Money can be held in a reserve account ready to drawdown. Interest will not accrue on the money held in reserve until it is released.
3. Interest Only Lifetime Mortgage - Works in the same way as a roll up lifetime mortgage but you can choose to pay the interest on a monthly basis. You can decide how long you want to pay interest for. If you decide you no longer wish to repay interest you can stop and the plan will revert to a roll up lifetime mortgage.
The money you receive is yours to spend as you please and as the equity is already yours, it is completely tax-free. You can also choose how you would like to receive the money - whether it be a cash lump sum, an account to draw upon as and when required, or a mixture of the two.
Each have their own value so it's best to look at all the options and compare them all with the help of comprehensive advice.