21st December 2018
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Thankfully someone has been thinking of you and your predicament and come up with the genius idea of releasing some of the equity in your property to provide you with a monthly income through an Income Lifetime Mortgage.
A lifetime mortgage allows you to release money from your home without having to move. It’s a loan that is secured against your property which can be used to provide you with an additional source of income to top up your pension for example. So, you can take out an initial lump sum to help you adjust to your new financial lifestyle, then set up a plan to provide you with a monthly income over a fixed income term.
Interest is added to the amount you owe each month, often referred to as compound interest. You can choose to receive an income from your lifetime mortgage over a period of either 10, 15, 20 or 25 years. Once the fixed term comes to an end the monthly income will stop, but interest will continue to roll up until the lifetime mortgage is repaid.
No worries! You never have to as the loan and the property work together to enable you to live your life and never have to worry about repaying the loan. Your house will look after you! You can’t make any repayments whilst receiving the monthly income anyway so you can relax. The lifetime mortgage is usually repaid from the sale of your home when you, or the remaining applicant (if the mortgage is in joint names) dies or moves out of your home into long term care. Naturally, any money left from the sale of your property after the loan has been repaid will be left to your beneficiaries.
A variety of things!
Without the additional funds provided by your income lifetime mortgage, many of these luxuries could be out of reach - but they needn’t be. If you are aged 55+, live in your own home worth a minimum £70, 000 in the UK, and require a regular monthly income for a fixed term then you could apply for this, enabling you to stay in your home in comfort for as long as you desire.
If having an Income Lifetime Mortgage appeals to you, contact Kevin Woods on 01489 232036, or at email@example.com.
Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back
We will be in touch as soon as possible to arrange a convenient time for a meeting, which is completely free of charge and without obligation.
I'll be in touch as soon as possible. If you'd rather call me in the meantime, please feel free to give me a call on 01489 45 45 45