A lifetime mortgage will allow you to take a cash sum based upon your age and property value.
This could all be taken in one go 1 or you could take some now and leave the rest to be taken in the future 2
Once you have taken the cash, interest will be added to the mortgage meaning that you wont have to make any monthly payments. Some plans however will allow you to make regular or occasional overpayments if you prefer.
The mortgage balance will never exceed the value of your property. You can stay in your home for as long as you want and however long you live, you will never leave a debt to anyone after you’ve gone. That is guaranteed!
You can use the money for any purpose including:
- Improving your home/garden
- Holidays
- Paying off your mortgage
- Paying off debts
- Gifts to family
- Providing additional income for a more comfortable standard of living
You and your partner will continue to own your property until you have both passed away or go into long term care.
If you want to move to a different property in the future, you can usually take the mortgage with you subject to the suitability of your new home.
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