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Equity Release Mortgages Q and A

When it comes to looking at options for finances in later life, there can be many options. We took a moment to speak with our expert Charlotte Rainsford to help us understand the options available.

Equity Release mortgage, also known as a lifetime mortgage.

 

Equity Release Mortgages sometime called Later Life Mortgage offer a flexible and practical solution for individuals aged 55 and above, allowing you to unlock the equity in your home and make the most of your hard-earned assets. But it isn’t necessarily the right option for everyone. Here our expert Charlotte answers a few frequently asked questions to offer a clear understanding of how Equity Release Mortgages work and the benefits they can offer.

Will I still own my home?

Yes you still retain full ownership of your property. Lifetime mortgages allow you to remain living in the property until you die or go into permanent long term care.

Am I eligible?

You must be aged 55 or older, each provider has their own additional lending criteria and we can talk through this with you to help establish if you meet the specific criteria for each lender.

Can I move home?

Yes – you will be able to transfer the lifetime mortgage (Equity release) to another property. However, in some circumstances certain properties may have restrictions based on their future saleability. But this doesn’t prevent you from looking and we are here to help discuss this in more detail with you.

What can I use the money for?

The money is yours to spend as you wish. Common reasons people taking out a lifetime mortgage is to repay an existing mortgage, top up their income, going on a holidays, home improvements, new car or to gift money to children or family members.

 Can I still leave my children some money?

Some products will allow us to protect a percentage of the property for you to leave to your beneficiaries – this will reduce the maximum you can borrow initially. But again, not all options have this kind of agreement and we can discuss this with in more detail so you fully understand any restrictions.

Can I take a lifetime mortgage if I still have a mortgage?

Yes. You can but you must be able to raise enough funds from the lifetime mortgage to pay your existing mortgage off.

Would any of the debt be left for my family to pay?

No, all lifetime mortgage products offer a ‘no negative equity’ guarantee – provided the terms of the mortgage are met.

Get in touch with our team to get a handle on your finances…

If your mortgage term is coming to an end, your thinking about mortgaging or looking at switching mortgages our team can help you.

Honest opinions from people like you

There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance area to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.
The advice and financial services I have recently had from Charlotte at Morgage And Finance Ltd in Derby has been first class. Very professional, helpful, efficient and supportive. I wholeheartedly recommend them.
Suzanne and Charlotte were amazing and made the process of buying our first home completely stress-free for us. They were both on hand if we ever had any problems/questions and always responded with knowledgeable and completely honest answers. I would highly recommend.
If I could rate this company more than 5 stars I would. I cannot fault the service and support my partner and I have received whilst getting our first mortgage together. Ian and Megan have been amazing, making the process completely stress free. They were both on hand if we ever had any questions. I would highly recommend. Thank you!
There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance arena to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.

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