Considering a Lifetime Mortgage...
Like many people in or near retirement, you may find you're well off on paper but less well off in practice. It's not that you don't have the money - it's just that most of it is tied up in your home. This can be a dilemma if you need to free up some of this wealth but don't want to sell your home.
What is a Lifetime Mortgage?
A lifetime mortgage is a special type of mortgage for people in or near retirement that offers a way of releasing some of the equity in their home. Like any other mortgage, it's a loan secured against the property and interest is accumulated, but the difference is that you don't have to repay any of the loan or interest during your lifetime. The interest rate you pay is fixed for the lifetime of the mortgage.
You can use the money however you wish: perhaps you have plans to travel or just want to maintain the lifestyle you enjoyed when you were earning a regular income. If you're not as mobile as you used to be, you could use the money to adapt your property to make your life more comfortable. Whatever you'd like to use the money for, taking out a Partnership Enhanced Lifetime Mortgage can offer a more flexible way of planning for the future, allowing you the freedom to enjoy your retirement - without having to sell your home.
For IFA's - to get a quote please call 0845 108 7240.