Lump Sum Lifetime Mortgage
What is a Lump Sum Lifetime Mortgage?
The most popular form of Equity Release; a Lump Sum Lifetime Mortgage allows you to take a lump sum of tax-free cash from your home, whilst keeping 100% ownership. Interest rates are typically fixed for life and whilst there is the option to make repayments you are not obliged to do so under this plan type. Moreover, this plan is typically paid back when the last person on the title deeds passes away or moves into long term care.
Features of a Lump Sum Lifetime Mortgage
- You receive a tax free lump sum of cash that you can spend on what you want.
- This also brings with it a no negative equity guarantee, meaning you can never owe more than the property value and therefore never leave any debt to the estate.
- Keep 100% ownership of your home and will benefit from the potential future increase in property value.
- Get coverage from the Equity Release Council, meaning you can remain in the property for the rest of your life and you will also have the right to move.
- No committed monthly repayments required. You do have options which allow flexible repayments that can be used to combat the roll up of interest over the term of the plan.
- There are options which allow you to ‘ring-fence’ and protect a percentage of your home, thus ensuring a guaranteed level of inheritance for the future.
Is this option right for you?
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Other Equity Release Products Available
There are other Equity Release options that may suit your specific needs. Speak with one of our qualified Equity Release Advisors to discuss your options further.
Drawdown
Lifetime Mortgage
This variation of a Lifetime Mortgage allows you to access the money more flexibly rather than as a lump sum, allowing you to easily access funds in the future.
Interest Only
Lifetime Mortgage
With this option, you can choose to make regular monthly payments, to pay the interest in full or partially, allowing you to slow down or stop the roll up of interest entirely.
Buy To Let
Lifetime Mortgage
A specialist type of Equity Release which allows you to gain access to a lump sum of tax-free cash from a rental/investment or second home property.
Home Reversion Plan
Under this option you will sell part or all of your home to the home reversion lender in exchange for a lump sum of cash. You no longer keep 100% ownership of your home.
Drawdown
Lifetime Mortgage
This variation of a Lifetime Mortgage allows you to access the money more flexibly rather than as a lump sum, allowing you to easily access funds in the future.
Interest Only
Lifetime Mortgage
With this option, you can choose to make regular monthly payments, to pay the interest in full or partially, allowing you to slow down or stop the roll up of interest entirely.
Buy To Let
Lifetime Mortgage
A specialist type of Equity Release which allows you to gain access to a lump sum of tax-free cash from a rental/investment or second home property.
Home Reversion Plan
Under this option you will sell part or all of your home to the home reversion lender in exchange for a lump sum of cash. You no longer keep 100% ownership of your home.