Here’s what we consider as part of our advice process: Lifetime mortgages
If you’re aged 55 or older, this option allows you to unlock some of the tax-free cash tied up in your home while keeping full ownership. It’s a loan secured against your property, and you can choose to take the money as a lump sum or in smaller amounts over time as you need it after an initial amount is taken. Payment-term lifetime mortgage This product lets you access even more of your property’s equity than a comparable standard lifetime mortgage. In return, you’ll need to make monthly repayments until you, or the oldest applicant, turns 66. This option is designed for those aged 55-63 but your home may be repossessed if you don’t keep up with repayments until aged 66. Interest-payment lifetime mortgage Like a standard lifetime mortgage where you release cash from your home, however with this option you agree to make monthly interest payments, helping to reduce the total cost of borrowing over time.
These options are all loans secured against your home.
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