Interest is added to the lifetime mortgage loan throughout your lifetime, accruing at a fixed or variable rate. The loan plus interest is eventually paid back when the home is sold, usually when you move into long term care, or when you and your partner die. You can typically release between 18-50% of the value of your property with a lifetime mortgage, depending on your age.

Advantages of a lifetime mortgage

• A lifetime mortgage gives you the choice of a cash lump sum or income with no monthly repayments to meet.
• You retain full ownership of your home
• Lifetime mortgages are available to younger people (aged 55+)
• No negative equity guarantee
• Some lifetime mortgage plans let you guarantee an inheritance for your family
• All equity release plans are regulated by the Financial Services Authority

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Disadvantages of a lifetime mortgage

• The amount you leave as an inheritance will be reduced.
• The interest applied can grow quickly as it is compounded
• You can't usually raise as much money with a lifetime mortgage as you could with a reversion plan, especially at younger ages.
• If you repay the lifetime mortgage early, you may have to pay an early repayment charge
• Some lifetime mortgage plans let you guarantee an inheritance for your family
• All equity release plans are regulated by the Financial Services Authority

Lifetime mortgages have become a highly popular form of equity release plan over the past few years, prompting many providers to offer a variation of a lifetime mortgage called a drawdown lifetime mortgage which allows you to release equity as and when you need it, rather than taking a lump sum or regular income.

Wholly independent advice on equity release and can give you access to a wide choice of equity release plans to find the best plan to boost your retirement income. We can help to save your estate thousands of pounds by finding the right equity release plan.

Access the whole market on your behalf and offer award winning independent advice on equity release that's tailor made to your individual circumstances. Guidance through the various types of equity release plans and explain all the options available with no obligation to apply.

Types of Equity Release plan