Lifetime mortgages provide you with a number of features and benefits, but you and your adviser will need to consider how these products will meet your needs and circumstances.
The benefits of a lifetime mortgage include:
- You still own your home, and you can stay in your home for the rest of your life.
- The money you release is tax free.
- You’ll never owe more than the value of your property, because our products come with the ‘No Negative Equity Guarantee’.
The potential risks of a lifetime mortgage include:
- Your entitlement to state benefits and grants might be affected by taking out a lifetime mortgage.
- Taking out a lifetime mortgage could reduce the size of your estate.
- Taking out a lifetime mortgage is a significant financial decision, it’s not for short-term financial needs.
- A lifetime mortgage could work out to be more expensive than selling your property in the long run.
Speak to your financial adviser, who will be able to tell you whether a lifetime mortgage meets your financial needs.