Lifetime Mortgages can provide borrowers with a lump sum or income in retirement. A special licence is required to provide advice on Lifetime Mortgages... such a licence is held by Mortgage Wizard.
- Retired couples who have little to no mortgage and poor pension incomes.
- Retired couples who would like to see the good their legacy can do "BEFORE" they die.
- Retired couples who want a better quality of life.
- Retired couples who wish to fund special projects like a cruise, home Improvements or alterations to make life easier.
- The Interest can be "Fixed for Life" so you are able to calculate the size of the outstanding debt at any given year.
- This mortgage is usually portable but may be subject to the lender's terms and conditions, the outstanding mortgage balance vs the value of the property and charges.
- Fees can be added to the loan amount. You should be aware that interest will be charged on any fees added for the term of the loan.
Most lifetime mortgages are designed with a "no negative equity guarantee", which means that the amount you repay on the sale of your property can never be more than the value of your home at that time. This guarantee is subject to you not breaching the lender's terms and conditions. I only recommend lifetime mortgages with the no negative equity guarantee.
Lifetime mortgages are not suitable for everyone. The value of your estate will be reduced and a lifetime mortgage will mean you will no longer be eligible for some state benefits. We will take this into account when advising you.
In other words, there is a loan available to the over 60's which allows them to have a minimum of 20% of the value of their home as a cashfree lump sum or income, and during their lifetimes they pay NOTHING to the lender.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.