It’s usual to find people looking for monthly payment lifetime mortgage, lifetime mortgage with flexible drawdown cash release or monthly payment lifetime mortgage. However, Key Retirement, like AA equity release are keen to see paperwork to show your circumstances in the form of pension statements.
Could be used to help tax planning and interest rates can be attractive. Help your family get a deposit for their own home or pay down your credit cards and loans, so you have lower monthly outgoings.
The lender will want to know if the property is a Freehold terraced house or a Leasehold flat with share of freehold and if the resident is an AST Tenant.
It’s very regular to discover people seeking out a lifetime mortgage with flexible drawdown cash release, lumpsum life time mortgages or home reversion plans. However, Age Partnership, like Aegon is eager to see evidence of your circumstances in the form of pension statements.
Lumpsum lifetime mortgages can reduce the inheritance for your family. Lump sum lifetime mortgages may impact entitlements to state benefits. You may need to pay an advisor’s fee and some products expose you to changes in interest rates.
The more elderly you are and the sicker you are, the more tax-free cash you can release.