It is common to discover individuals seeking out monthly payment life time mortgage, monthly payment lifetime mortgage or interest-only lifetime mortgages, however, Lifetime Mortgage from L&G like Royal London Equity Release are keen to see paperwork to show your personal situation in the form of bank statements.
Could be used to optimise tax planning and interest rates can be quite low. Help a member of your family buy their own home that they couldn’t afford otherwise or pay off your own debts like loans and credit cards so you have more monthly disposable income.
The 1st and 2nd charge lender will want to know if the property is a Freehold terraced house or a Leasehold flat and if the resident is an Private Tenant.
It is very regular to find people searching for home reversion schemes, lumpsum lifetime mortgages or monthly payment equity release, however, Age Concern like AIG Life are eager to see proof of your personal circumstances in the form of pension statements.
Monthly payment equity release can reduce the inheritance for your family. Lump sum lifetime mortgages may impact ability to get state benefits. You may need to pay an advisor’s fee and you could be exposed to changes in interest rates with some products.
The older you are and the sicker you are the more tax free cash you can release.