It’s common to discover individuals searching for home reversion schemes, interest-only lifetime mortgages or monthly payment equity release, however, the Telegraph like The Exeter Equity Release are keen to see paperwork to show your situation in the form of bank statements.
Could be used to manage inheritance tax bills and interest rates on the money can be appealing. Help a family member buy their own home with a modest mortgage or pay down your own debts so you can spend more of your monthly income.
The lender will want to know if the property is a Freehold house or a Leasehold house and if the resident is an Owner Occupier.
It is usual to find individuals looking for home reversion plans, monthly payment life time mortgage or home reversion schemes, however, Legal and General like LV Liverpool Victoria are eager to see evidence of your circumstances in the form of bank statements.
Monthly payment life time mortgage can reduce the inheritance for your family. Home reversion plans may impact ability to get state benefits. You may need to pay a valuation fee and you could have higher rates to pay with some schemes.
The more elderly you are and the the more illnesses you have you are the more tax free cash you can release.