Why consider a
A lifetime mortgage, the most popular type of equity release plan, enables homeowners aged 55-95 to unlock some of the value tied up in their homes, tax-free. The basic qualifying criteria are:
There are different types of plans and features available which meet a variety of customer needs and circumstances.
Lump sum lifetime mortgage
The loan is secured against the property to provide a tax-free cash lump sum, with typically no monthly repayments to make. Compound interest is added to the loan until the plan comes to an end. The loan plus interest is paid back when the home is sold. Clients can typically release between 5 and 55.5% of the value of their property with a lifetime mortgage, depending on their age, health and lifestyle.
Drawdown lifetime mortgage
Similar to lump sum lifetime mortgages but with added flexibility. After an initial release, your client can choose to ‘drawdown’ the cash in stages. The interest is only added on the amount released so it adds up more slowly.
Within these two types of lifetime mortgage, there are specific plan features that give clients the flexibility to create a plan that works for them;
Mr Phillips, from Cumbria, looked into a lifetime mortgage to help his daughter and to pay off his existing mortgage.
“It’s made life so much easier for me. I no longer have monthly payments to make, leaving me with more money each month. I did my research online and spoke to another company first but they were unable to help me due to a restriction on my property. I thought it was worth getting a second opinion and contacted Fluent Lifetime. My adviser, Geoff, was amazing. He knew about the restriction and went the extra mile to find a lender who would accept my property.
I released £25,000 which paid off the mortgage and a secured loan I had.
Not only were Fluent able to find me a solution but their fees were also much less than the other companies I contacted. I have 4 granddaughters and it’s nice to be able to given them a gift now rather than them wait for their inheritance. I used to be a member of a band but now I sing in the local pub for fun, it’s a big part of my social life. I’ve been able to buy myself some new equipment.
My father was from Poland and so I’m planning a trip over there to see where he grew up and maybe arrange to meet some long-lost relatives.
Taking out a lifetime mortgage has just given me and my family peace of mind and I can really enjoy my retirement now, worry free. I’d definitely recommend Fluent Lifetime to anyone considering releasing money from their home, 5* service guaranteed!”