With all lifetime mortgage plans, you will always retain 100% ownership of your home. And the ‘negative equity guarantee’ means that even if the value of your property decreases, you will never owe more than you borrowed or pass debt on to your family.
Lump sum lifetime mortgages are a popular choice for people who want to receive a one-off payment of tax-free cash, without having to worry about monthly payments. The money can be used in any way you wish, from making home improvements, travelling, or helping your loved ones onto the property ladder.
Interest accrues on the loan amount and will only be repaid when the plan ends, which is when the last homeowner passes away or enters long-term care. We always advise you to involve your family when considering equity release and we’re very happy to accommodate them in all our meetings with you.
Eligibility for a lump sum lifetime mortgage depends on three things – the age of the youngest homeowner, the value of the property and where you live. Each lender will have slightly different criteria and we will help you navigate the process in the most straightforward way.
It is a regulatory requirement that you take advice from a qualified equity release advisor for a lifetime mortgage.
At AskERIC, we are here to help you secure the best deal for your future. Our advice is always unbiased and impartial. If you get in touch, you will be assigned a friendly and knowledgeable advisor who will support you throughout the entire application process. We know that everyone’s needs are different, so your personal advisor will discuss your unique circumstances to help you determine if a lump sum mortgage is right for you, or if another plan would be best. They will always work for you.
One of our advisors would be happy to have a friendly, no-obligation chat to answer any questions you might have.
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Access a comprehensive guide to AskERIC’s equity release process to read and consider at your leisure.