Equity release from Allcover Financial Services
Lifetime Mortgages are referred to as Key Retirement Solutions
What is a lifetime Mortgage?
Lifetime mortgages are currently the most popular means for homeowners over 55 to unlock some of the value in their homes. Thousands of people in the UK already choose this method to supplement their retirement income, and the figure is set to rise dramatically over the next few years.
A lifetime mortgage is a way of borrowing a set amount of money against the value of your home, in the form of a long-term loan, and without the need to move. You continue to own your own home, for the duration of the plan and as long as you are living in it – you will also be responsible for keeping your home in good repair. The loan is paid back using the proceeds from the eventual sale of your property. This is usually when you die or have moved into permanent long-term care.
The money released can be used for whatever you wish (so long as any outstanding mortgage has been paid off).
Please contact us for further information.