A Lifetime Mortgage is one of two main types of Equity Release. The other type is a Home Reversion.
Equity Release is a way for homeowners aged 55 and over to release some of the money in their property. The money in our properties is known as equity, hence freeing some of that money is known as Equity Release.
Although often regarded as a new idea, Equity Release in fact started in 1965 but it has entered the mainstream in the last ten years.
Sixty Plus is a firm of financial advisers specialising in Equity Release. We provide friendly independent advice on all your Lifetime Mortgage options.
With a Lifetime Mortgage you continue to own your home and any growth in that property value is yours.
Unlike a normal mortgage, the interest is added to the amount you have borrowed therefore the debt rises over time. It is this roll-up of interest that makes a Lifetime Mortgage attractive to retired people as there are no monthly repayments to make.
There are now options available where some or all of the interest can be paid therefore providing more choice.
We believe safety is of the utmost important when taking a Lifetime Mortgage. For this reason we at Sixty Plus only recommend Lifetime Mortgages from are members of SHIP (Safe Home Income Plans) the trade body for Equity Release providers.
With a Lifetime Mortgage from a SHIP member, you will have:
- the right to live in the property until they die or move into long term case.
- independent legal advice. The solicitor working for you works only for you and not the Lifetime Mortgage lender.
- a ‘no negative equity’ guarantee. The Lifetime Mortgage will never be more than the value of your home.
Our Lifetime Mortgage service at Sixty Plus includes:
- A first meeting that is free and without obligation during which we will discuss your requirements and the available Lifetime Mortgage options.
- We will then research the market to identify the right Lifetime Mortgage for you.
- Having presented our Lifetime Mortgage recommendation to you, we will assist you with the initial paperwork and, if required, recommend a solicitor who specialises in Lifetime Mortgages.
- A thorough report setting out our Lifetime Mortgage recommendation in detail.
- We will discuss the impact a Lifetime Mortgage may have on means tested benefits, such as Pensions Credit and Council Tax Benefit. We can usually help you avoid any reduction in your benefits but it is a matter for individual discussion.
- We welcome family involvement. Many people like to involve their family when considering Equity Release but this is by no means compulsory.
There is more choice in Lifetime Mortgages than ever before.
Some have a drawdown facility where you take just the amount you need now and have the facility drawdown further sums from your Lifetime Mortgage over the following years. This can mean significant savings in interest.
If you want the option to repay your Lifetime Mortgage early, you can.
If you want to be able to ‘ring-fence’ some of your property’s value to guarantee an inheritance, you can.
We know from many satisfied clients that a Lifetime Mortgage can help make retirement much more enjoyable.
We hope to help you soon.
