Lifetime Mortgages

If you take out a lifetime mortgage, you are taking out a loan secured on your home which does not need to be repaid until you die or move into long-term care.

Unlike other types of Equity Release scheme, your home still belongs to you but you are obliged to repay the loan when certain conditions are met – death, moving into long-term care or if the terms of the mortgage are broken.

The lender can give you a lump sum or you can withdraw funds in stages. Interest is paid on this amount on an on-going basis or the interest can be ‘rolled up’ and paid together when the loan is repaid.

The loan is repaid from the proceeds of your home when sold. If there is any surplus from the sale it would be available to your beneficiaries or estate. If the value of the property is lower than the loan and interest which as accrued it is usual to have agreed a ‘no-negative-equity’ guarantee with the lender so that you would not have to pay back the value of your home.

As with all Equity Release schemes it is very important to get advice on whether the scheme is right for you. Please talk to us to find out more and ensure you get the advice you need.

Your Company is an appointed representative of Compliance Department, which are authorised and regulated by the Financial Conduct Authority under reference 123456. Registered in England and Wales No: 123456. Registered Office: Network House, 1 Network Street, Bromsgrove, B60 3DJ.

This site is only directed at persons within the UK. Calls may be recorded for training and monitoring.