Later Life Finance

Are you 55 or over and looking for means to help your family or fund your living costs? Equity release could be a viable solution for you.

Lifetime Mortgage

A Lifetime Mortgage is a type of equity release which allows you to secure upfront finance without the need to make regular repayments.

The loan is secured against your property and only has to be repaid when you die or go into long-term care.

Most lenders set a minimum age for this type of Equity Release – usually 55 to 60. The older you are, the more you can borrow.

The interest on a Lifetime Mortgage is added over time and unlike a traditional mortgage, what you owe will increase (not decrease) over the term.

There are different Lifetime Mortgages available, such as lump sums, drawdown, interest repayment or enhanced products.

Whether to release equity from your property is a big decision, so it’s vital that you think carefully and work with a trusted adviser to make the best choice for your circumstances.

A lifetime mortgage is secured against your home. To understand the features and risks, ask for a personalised illustration

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Retirement Interest Only

This type of Equity Release is aimed at older borrowers who may find it difficult to get a standard residential mortgage or have mainly pension income.

Borrowers who secure a Retirement Interest Only (RIO) mortgage take a loan out against their property and are only required to pay back the interest on a monthly basis.

You are only liable to pay back the loan when the property is sold, you move into long-term care or you die.

To gain access to RIO funding, you only need to prove you can afford the interest repayments. This type of Equity Release is generally cheaper than a Lifetime Mortgage.

Although the eventual sale of your property will be used to repay the loan, it is likely you’ll be left with some value to pass on as inheritance.

Working out which type of Equity Release is right for you can be difficult and time-consuming, which is why an expert adviser can help you to weigh up which route is best for you.

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