With a lifetime mortgage, you can unlock money tied up in your property without having to move — receiving the cash in a lump sum or monthly instalments.
Whether you are eager to buy a new car, help family members with a deposit or want to make the most of your retirement with adventures overseas, you can free up some of the wealth in your home whilst retaining ownership and paying the sum back after your death, or when you move into long-term care.
If your home has increased in value over time, this form of equity release can give you the financial flexibility you need right now; however, there are risks, so it’s essential to seek professional advice if you are considering lifetime mortgages or any other equity release or later life lending solution.
The later life lending market is evolving
To qualify for a lifetime mortgage, you must be at least 55 years old (or both of you, if you intend on taking out a plan together).
This type of equity release is ideal if you need cash for retirement, home improvement, topping up your monthly income or helping your children, whilst some of your property’s value can be passed on to your heirs. If you are considering a lifetime mortgage and want to learn more or wish to speak to our mortgage brokers in Bedfordshire about the most suitable later life lending options for your requirements, please request your free initial consultation today.