It’s common to encounter individuals looking for home reversion schemes, monthly payment lifetime mortgage or lump sum lifetime mortgages. However, Age Partnership like LV Liverpool Victoria is keen to see evidence of your circumstances in the form of bank statements.
Could be used to help tax planning and interest rates can be attractive. Use the money to keep another family member away from a high LTV mortgage or pay down your debts, so you have lower monthly outgoings.
The mortgage lender will want to know if the property is a Freehold house or a Leasehold flat with share of freehold and if the resident is an Owner Occupier Primary Residence.
It’s usual to encounter people looking for home reversion plans, lump sum lifetime mortgages or monthly payment equity release. However, Key Retirement like Aegon are eager to see evidence of your circumstances in the form of pension statements.
Home reversion plans can reduce your estate value. Home reversion schemes may impact the ability to claim benefits. You may need to pay a solicitor’s fee, and you could be exposed to changes in interest rates with some products.
The more aged you are and the unhealthier you are, the more cash you can release.
Barclays Bank has a range of lending products that could be suitable for removing equity trapped in your home.