What Is Later Life Lending?
Later Life Lending is a type of secured loan which allows you to access the value (or equity) held within your home. Turn your equity into cash money which you can spend as you wish. You must be a home owner and aged over 55 years.
How much equity you can release depends on:
– Your age
– How much your property is worth
– and how much you wish to borrow (you can choose the amount).
People over 55 can have lots of value tied up in their home or they could be on a interest only mortgage and no way of repaying it. Later Life Lending/ Equity release could help in either of these situations.
- Release cash from your home without needing to move and downsize
- Receive your cash as a lump sum, as an income or both
- Spend your money as you wish
- No need to make monthly repayments (but some providers give you the option)
- Plans are regulated by the Financial Conduct Authority (FCA)
- Our trusted partner only advise on plans from providers who are members of the Equity Release Council
Equity Release: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.
Did you know?
With Later Life Lending…
- You still own the property – 100% of it
- Your home cannot fall into negative equity
- You can ring fence a portion of your property value for inheritance **
- You can choose to make optional repayments to reduce the roll-up of interest
- Equity release can be used to pay off existing mortgages, meaning no more monthly repayments
Important Bits
Equity Release/Lifetime Mortgages: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.
**Inheritance tax planning is not regulated by the Financial Conduct Authority.
* Private Healthcare Advisers Ltd cannot l provide advice on Lifetime Mortgages. Your details will be passed on to our specialist partners who may charge a fee for advice. We will request your consent from you before your details are passed over to our specialist partners.
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