Its usual to discover individuals looking for interest-only lifetime mortgages, lump sum lifetime mortgages or lump sum lifetime mortgages, however, Just Retirement like Maximum cover Equity Release are keen to see paperwork to show your situation in the form of pension statements.
Often used to optimise tax planning and interest rates can be attractive. Buy a family member a home without a mortgage 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 Detached freehold house or a Leasehold flat with share of freehold and if the resident is an Owner Occupier.
It is common to discover people searching for lifetime mortgage with flexible drawdown cash release, lumpsum lifetime mortgages or home reversion schemes, however, More2Life like LV Liverpool Victoria are eager to see evidence of your personal situation in the form of pension statements.
Monthly payment equity release can reduce your estate value. Lumpsum lifetime mortgages may impact entitlements to state benefits. You may need to pay an advisor’s fee and you could have higher rates to pay with some schemes.
The older you are and the sicker you are the more tax free cash you can release.