Taking out a Lifetime Mortgage is a big decision, which is why it’s always worth talking to a mortgage advisor to make sure you choose a route that’s best for you.
A Lifetime Mortgage could free up equity for you from your home without you having to downsize. Lifetime Mortgages have become a popular way of freeing up cash for renovations, buying a second home or supplementing a retirement fund. However, the market has grown rapidly over the last few years and there are a lot of products out there that will be unsuitable depending on your personal situation.
If you are thinking about talking out a Lifetime Mortgage we would recommend speaking to a mortgage advisor to make sure you get a plan that suits you and your financial situation.
- Here are some of the most important questions to ask your advisor:
- Can you transfer the scheme if you move home?
- What happens if you die soon after taking out the scheme?
- How would the scheme affect your state or local authority benefits?
- What fees are payable if you decide to repay the loan, say after three years?
- Would you qualify for a grant to help you pay for home repairs or alterations?
- What conditions does the scheme put on you when you carry on living in the home?
- What happens if you end up owing more than the home is worth?
A mortgage advisor will be able to answer all of these questions for you and point you in the right direction.
If you are considering a Lifetime Mortgage and would like some extra advice, please get in contact so we can answer the above questions for you.