Lifetime Mortgage
Specialist Lifetime Mortgage Advice
Release Your Home’s Value Safely
Access tax-free cash from your property with no repayments when you take out a lifetime mortgage to release the equity.
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How Lifetime Mortgages Work
A lifetime mortgage is a loan secured against a home, allowing homeowners aged 55 and above to access tax-free cash from their property while continuing to live there. This can be a complex area, and the loan size will vary depending on property value, the homeowner’s age, and sometimes health, so it pays to seek professional advice.
As a member of the Equity Release Council, Jane Jackson Financial Solutions recommends products with a ‘no negative equity guarantee’, meaning you’ll never owe more than your home is worth. Jane does not deal with home reversion plans, which are a type of equity release alternative.
A Lifetime Mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.
The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead.
Professional Guidance from Start to Finish
At Jane Jackson Financial Solutions, we follow a proven 13-step process to ensure you have the correct information upfront and cover all possible variables. This verified procedure safeguards the smooth completion of your lifetime mortgage.
- 1Initial two-hour consultation and fact-finding
- 2Research to find suitable products
- 3Document collection and verification
- 4Compliance department approval
- 5
Second review appointment and signing
- 6Application submission to the lender
- 7Solicitor appointment
- 8Independent property valuation
- 9Solicitor instruction
- 10Lender queries resolved by Jane
- 11Mortgage offer issued
- 12Solicitor home visit for final signing
- 13Completion and funds released.
Gain the advice you need to achieve your property goals in later life.
How Long Will a Lifetime Mortgage Application Take?
Most straightforward cases will complete in around six weeks. If your situation is more complex, it may take longer; however, Jane will keep you informed of the progress. Any delays will be resolved as quickly as possible.
How Clients Use Their Lifetime Mortgages
The reasons for choosing a lifetime mortgage can vary, depending on many circumstances. Some of Jane’s clients made the decision to use their new mortgage to fund:
If you prefer to have no monthly repayments and have limited retirement income, a lifetime mortgage may be a better choice than a retirement interest-only mortgage.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Making Financial Decisions Responsibly
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
A lifetime mortgage is not suitable for everyone, and it is important to seek financial advice before taking any action. All other options available should be explored before choosing equity release.
Interest is charged on both the original loan and the interest that has been added. The amount you owe will increase over time, reducing the equity left in your home, potentially to nothing. Please discuss with your family and beneficiaries.
Later Life Lending Specialist
Get face-to-face advice from someone with over 15 years of experience helping people just like you. Call 07990 836455 for a fee-free initial consultation in the comfort of your own home.
