It is often found to find individuals seeking out a lifetime mortgage with flexible drawdown cash release, interest-only lifetime mortgages or lump sum lifetime mortgages, however, Legal and General like Old Mutual Wealth are keen to see paperwork to show your personal situation in the form of pension statements.
Often used to help tax planning and interest rates can be quite low. Low rate way of helping the family to buy their own home 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 Semi detached freehold house or a Leasehold flat with share of freehold and if the resident is a Private Tenant.
It is common to discover people seeking out interest-only lifetime mortgages, lumpsum lifetime mortgages or home reversion plans, however, Bower like Aegon are eager to see evidence of your circumstances in the form of bank statements.
A monthly payment lifetime mortgage can reduce your estate value. A monthly payment lifetime mortgage 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 older you are and the more illnesses you have you are the more cash you can release.