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Lifetime Mortgages

A form of equity release, a lifetime mortgage allows homeowners to take a loan out on their home that is only repaid when they pass away or move to a care home, although interest payments can be made to reduce any debt.

Lifetime Mortgages<

Importantly, during the mortgage, you still own the property, and there is no threat of repossession (as long as the terms and conditions of the mortgage are met).

The amount of money you can receive is dependent on a number of factors, including your age(s) and how much your property is worth. Some lifetime mortgage providers also take your health and lifestyle into consideration. You receive the money as a tax-free lump sum.

You should always enrol the services of a financial adviser if you're thinking of getting a lifetime mortgage, as other options may be available to you – and that’s where Simpson Bowers Wealth Management can help. We are a member of the Equity Release Council and have access to the whole market which means. We will be able to recommend which type of lifetime mortgage best suits your individual needs.

Your home may be repossessed if you do not keep up repayments on your mortgage.

This is a lifetime mortgage to understand the features and risks, ask for a personalised illustration.