- For free equity release advice call us now on 0800 612 92130-
If you are aged over 55, a lifetime mortgage is a way of releasing the money locked up in your home without having to move.
It is a loan secured against your home that lets you release some of the equity tied up in your property as a tax free cash lump sum or in smaller amounts as and when you need it.
Interest is charged on the total loan amount plus any interest already charged. It means that the total owed can grow quickly, reducing the equity in your home and the value of any inheritance. The loan and interest is repaid when you die or go into long-term care. If you decide to repay before this, you may need to pay an early repayment charge.
To find out how much you can borrow, complete our enquiry form and one of our experienced equity release mortgage advisers will contact you to discuss your requirements without obligation.
Alternatively, for a free initial meeting to discuss your equity release requirements call us now on 0800 612 9213.0
To find out how much you can borrow, complete this form:
What is a equity release with a lifetime mortgage?
A tax-free cash lump sum that could give your retirement income a boost.
With a lifetime mortgage, you could release some of the equity that is tied up in your home, tax-free, that you can use for many different reasons.
There are many things to consider when thinking about a lifetime mortgage. For example, will you want to move in the future? Do you want to build in an inheritance guarantee? Will you need to draw down further equity in the future? Are you looking at inheritance tax planning?
This is why you can only arrange a lifetime mortgage through a specialist Regulated Lifetime Mortgage Adviser. Call us now to discuss your requirements – one of our expert advisers will be happy to provide free, no obligation advice and provide the information you need to make the right decisions about your equity release plans.
What difference could equity release make to you?
You could give your family members an inheritance now. For example you could help your children or grandchildren onto the housing ladder by gifting the deposit for their first home. You could help your grandchildren with university fees.
Many people use a lifetime mortgage to improve their home or make it more manageable so they can stay in their home for longer.
Retirement or a holiday
Day to day you could enjoy a better quality of retirement or have the holidays you have always wanted.
Repay your mortgage or other debts
Any outstanding mortgage will be paid off and you could also pay off any other outstanding debts.
Income in retirement
You could supplement your pension income and make life easier. It could help to improve your general standard of living in your retirement.
A lifetime mortgage could make a big difference to you and your family. But it is important to understand that interest is charged on the total loan amount plus any interest already charged. This means that the total owed can grow quickly, reducing the equity left in your home and the value of any inheritance.
All advisers at MCAL Equity Release are regulated lifetime mortgage advisers