Are you asset rich and cash poor? Having money tied up in your home could be accessed to give you capital or income. A Lifetime Mortgage, where you can release equity from your property, is certainly not for all, but for some it can be a life changer.
To achieve a Lifetime Mortgage the youngest borrower needs to be at least 55. The amount you can borrow is based upon the age of the youngest and a % of the value of your home. If you have health issues it may be possible to borrow more under an ‘enhanced’ product. The calculator on this site will give you the average amount you could potentially borrow, however, please feel free to give me a ring to have a chat where I can give you accurate figures and explain fully how Lifetime Mortgages can work for you.
As previously mentioned, the money can be used for anything legal. You may wish to repay an existing mortgage off, take a well-earned holiday, pay for private medical treatment, pay for care in the home, treat your children or grandchildren, essential home repairs, new car – the list is endless.
It is essential that you fully understand how an equity release product works prior to applying.