Types of Lifetime Mortgages
MORTGAGES ON AND LIFETIME MORTGAGES FROM YOUR HOME WILL BE SECURED AGAINST IT.
ASQUITH FINANCIAL SERVICES OFFERS ADVICE ON LIFETIME MORTGAGES ONLY.
A LIFETIME MORTGAGE WILL BE SECURED AGAINST YOUR HOME.
AS A MORTGAGE IS SECURED AGAINST YOUR HOME, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.
Types of Lifetime Mortgages Schemes
There is a range of Lifetime Mortgages schemes available on the market offered by reputable lifetime mortgages providers, and they fall into two main categories:
- Lifetime Mortgages
- Home Reversion Plans
Each type of lifetime mortgages scheme facilitates a different method of releasing the equity in your home, and there are various other useful features available to create the ideal lifetime mortgages scheme for you, including:
Protected Lifetime Mortgages
Many lifetime mortgage schemes come with a no-negative equity guarantee, and in some cases there are plans which also enable you to protect a fixed share of the value of your home. For example, if you protected a 30% share in your home, you have a guarantee that a minimum of 30% of your property value is protected for you in later life or as inheritance for your beneficiaries.
Impaired Life
Some providers will allow you to release more capital from the lifetime mortgages scheme if you suffer from one of a list of health conditions.
Income
Many lifetime mortgage schemes allow you to release the equity in the form of an income, by releasing the capital in staged payments over your lifetime.
Flexible Drawdown
There are some lifetime mortgage schemes available with a pre-agreed 'cash reserve'. Like an overdraft, this is a facility which allows you to draw-down cash whenever you wish, so it's ideal for generating funds when required for home improvements, maybe a new car, a special holiday, etc. Interest is only added to the amount drawn, so they can work out much cheaper than other types of lifetime mortgage schemes, depending on your needs. Flexible Drawdown is a complicated area with both advantages and disadvantages. Please review the dedicated section on this subject within the lifetime mortgages area.
MORTGAGES ON AND LIFETIME MORTGAGES FROM YOUR HOME WILL BE SECURED AGAINST IT.
ASQUITH FINANCIAL SERVICES OFFERS ADVICE ON LIFETIME MORTGAGES ONLY.
A LIFETIME MORTGAGE WILL BE SECURED AGAINST YOUR HOME.
AS A MORTGAGE IS SECURED AGAINST YOUR HOME, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.
Types of Lifetime Mortgages Schemes
There is a range of Lifetime Mortgages schemes available on the market offered by reputable lifetime mortgages providers, and they fall into two main categories:
- Lifetime Mortgages
- Home Reversion Plans
Each type of lifetime mortgages scheme facilitates a different method of releasing the equity in your home, and there are various other useful features available to create the ideal lifetime mortgages scheme for you, including:
Protected Lifetime Mortgages
Many lifetime mortgage schemes come with a no-negative equity guarantee, and in some cases there are plans which also enable you to protect a fixed share of the value of your home. For example, if you protected a 30% share in your home, you have a guarantee that a minimum of 30% of your property value is protected for you in later life or as inheritance for your beneficiaries.
Impaired Life
Some providers will allow you to release more capital from the lifetime mortgages scheme if you suffer from one of a list of health conditions.
Income
Many lifetime mortgage schemes allow you to release the equity in the form of an income, by releasing the capital in staged payments over your lifetime.
Flexible Drawdown
There are some lifetime mortgage schemes available with a pre-agreed 'cash reserve'. Like an overdraft, this is a facility which allows you to draw-down cash whenever you wish, so it's ideal for generating funds when required for home improvements, maybe a new car, a special holiday, etc. Interest is only added to the amount drawn, so they can work out much cheaper than other types of lifetime mortgage schemes, depending on your needs. Flexible Drawdown is a complicated area with both advantages and disadvantages. Please review the dedicated section on this subject within the lifetime mortgages area.
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