Lifetime Mortgages - The most popular equity release product.

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What is Equity Release?

A lifetime mortgage is a loan secured against your property. That property could be your primary residence, 2nd home or even holiday home. You keep full ownership of your property and can stay living in the property until the home is eventually sold, which typically takes place when the last remaining homeowner either passes away or moves into long term care. You are expected to maintain the property while living in it and you are able to take advantage of any increases in home value during that time. The loan is eventually repaid following the sale of the property, with any remaining funds being transferred to your estate.

There are many options with lifetime mortgages. You can choose a lump sum lifetime mortgage which would give you a one-time lump sum payment to spend however you choose. The interest would then roll-up and be added to the loan balance to be repaid. With a lump sum product, you don’t have to worry about making any repayments against the loan balance. You could also choose one of the varieties of interest-paying lifetime mortgages which allow you to make payments against your loan to allow you to control the overall loan balance. There are drawdown lifetime mortgages available as well, which allow you to drawdown funds from a cash reserve facility as needed. The money put aside in the facility does not incur interest until you withdraw it.
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In addition, there are a variety of protections with a lifetime mortgage. For example, you can protect some inheritance through the use of an Inheritance Protection Guarantee which allows you to protect a percentage of the final property value.

A Lifetime Mortgage is a type of Equity Release Scheme. It is now regarded as one of the most popular types of schemes solely because of its flexibility.

There are 5 different types of lifetime mortgage schemes. Some offer drawdown facilities and others offer increased lump sums due to ill-health.

As with buying any financial product, expert advice is needed. Use our sourcing wizard to find your local independent equity release adviser.

Use our free, easy-to-use Equity Release Calculator that will allow you to calculate your maximum release!

View our exclusive deals and rates on all Lifetime Mortgage products - free cashback available on most schemes!

Read our expertly created Equity Release articles that are bespoke made by our very own independent financial advisers!

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