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Lifetime Mortgages are currently the most popular type of equity release scheme. The information below is an overview including the advantages and disadvantages.
These plans enable you to raise a lump sum at generally a fixed interest rate, which is then added to the loan. They are also known as ‘roll-up’ schemes and you have no monthly payments to make. There are also available options where you can pay some or all of the interest.
You retain 100% ownership of your home and have the right to remain in the property for the rest of your lives and the plan is repaid when the property is sold, which usually occurs when you die or enter long term care.
A lifetime mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration.
A lifetime mortgage can quickly erode the remaining equity and as a result there may be no value left to pass on.