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Lifetime Mortgages are currently the most popular type of equity release scheme. The information below is an overview including the advantages and disadvantages.
The different types of lifetime mortgages are illustrated opposite and give you an insight into the options available within this product range.
These plans enable you to raise a lump sum at a fixed interest rate, which is then added to the loan. They are also known as ‘roll-up’ schemes.
You have no monthly payments to make & there is the security of the 100% ownership of your home. You have the right to remain in the property for the rest of your lives and the plan is repaid when the property is sold, which usually occurs when you die or enter long term care.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.