Taking out a lifetime mortgage on your property requires expert guidance.

Independant Mortgage People are here to provide answers to help you decide whether a lifetime mortgage is a right option for you. 

Determine Your Eligibility for a Lifetime Mortgage

The equity release calculator can estimate the maximum amount you may be eligible to receive based on your property value and age. Keep in mind, borrowing a lower amount may result in a more favorable interest rate. To use the calculator, simply input your:

• Age
• Property value

Is a Lifetime Mortgage Suitable for Me?

A Lifetime Mortgage, also known as an equity release, is a loan that allows you to access the equity in your home while you continue to live in it. The loan is only repaid when the last surviving borrower passes away or moves into long-term care.

The experts at Independant Mortgages People provide impartial, straightforward advice to help you make the right choice. They only charge a flat fee of £595, payable upon offer, regardless of the value of your property.

Why do Homeowners Choose Lifetime Mortgages?

While it's important not to rush into choosing a lifetime mortgage, there are various reasons why homeowners opt for this option:

• Pay off debts or an existing mortgage.
• Provide financial support to children or contribute to their home purchase.
• Reduce inheritance tax (Note: giving money from the equity release to children may result in future Inheritance Tax. Consult expert advice before considering this option).
• Improve your property for your later years.
• Purchase a high-value item, such as a car or luxury holiday.
• Increase monthly income.

Lifetime mortgages can be a secure way to meet these needs without affecting your retirement savings. Your lender may allow you to protect a portion of your property's value, which will be subtracted from the total value before you receive the loan.

Concerned About Releasing Equity?

Releasing equity through a lifetime mortgage can reduce the value of your estate for your beneficiaries, and the process can be complex. It's essential to seek professional financial and legal advice before making a decision. It's also important to communicate with your loved ones and make sure everyone is on the same page before proceeding with a lifetime mortgage.

At Independant Mortgage People, our experts can provide you with information about alternative options for accessing funds, such as local grants or benefits (if you meet the eligibility criteria), a bank loan, personal savings, or financial support from family members.

Important Considerations

Before opting for a lifetime mortgage, it's crucial to take into account the following factors:

• Your eligibility for means-tested state benefits may be affected.
• Releasing equity may decrease the value of your children's inheritance.
• Your children may have to pay Inheritance Tax if you give them some of the funds from the equity release.
• The interest accumulates daily, affecting the equity in your home.

Keep in mind that a lifetime mortgage is a secured loan against your home, and you should carefully weigh your options before making a decision. If you're unsure if a lifetime mortgage is right for you, Independant Mortgage People can provide expert advice with no obligation or cost.

Most lenders offer the option to repay the interest either monthly or as needed. This can help preserve the value of the equity in your property.

By seeking expert guidance, you can make informed decisions about equity release. Contact our knowledgeable team to learn how an equity release can impact your situation.

Requirements for Eligibility

Lenders have different eligibility criteria, but the following are typically required:

• You must be at least 55 years old, or the youngest joint applicant must be 55 or older.
• Your property must be owned or co-owned.
• The lifetime mortgage must be taken on your primary residence.
• The property must be located in the UK.
• The property must have a minimum value of £70,000.

Why choose Independant Mortgage People?

Independant Mortgage People are your independent equity release specialists, offering solutions from all providers to find the best option for you. Our approach is different than many brokers as we also evaluate traditional mortgages and RIO (retirement interest only) mortgages to determine the best fit for your needs.

Customer service and transparency are crucial to our expert consultants, as we understand the concerns people have in this area. If you choose to work with us, we will support you throughout the entire process, from guiding you through each step to communicating with solicitors, estate agents, and family members as needed. We strive to provide you with all the information you need to make informed decisions, and can even recommend independent professionals.

Your comfort is important to us, and we are happy to meet you wherever you feel most comfortable, whether that's in our office or at your home. We also welcome the involvement of family and friends in the process.

We charge a fixed fee of £595 for the arrangement a Lifetime Mortgage. Fees only charged once we have secured your mortgage offer and payable on completion.