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Mortgage and Financial Guidance Ltd can refer you to a suitably qualified professional in repect of Lifetime Mortgage advice. Please call or e-mail for details.
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.
A LIFETIME MORTGAGE WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVEYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFIT
THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.
Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice
Depending on the adviser you are referred to there may be a fee for Lifetime Mortgage advice, the value of which will be confirmed at any initial meeting.