Share
A lifetime mortgage can be a good way for those aged 55 and over to release equity built up in their house without having to move home. While there are benefits to taking out a lifetime mortgage, it can have a long-term impact on finances and those considering this option should speak to an independent financial adviser before going ahead to ensure it is the best decision for their circumstances.
The plans highlighted below are not endorsed by Moneyfacts.co.uk but have been chosen as they offer competitive rates for the scenario that we have selected. It should be noted that other plans are available that offer similar competitive rates but may offer incentives, such as cashback, that suits the borrower’s needs better – as such borrowers should consider speaking to an equity release broker who will be able to select the best plans for individual requirements.
Share
For those aged 55 and over a lifetime mortgage can be a good way to release equity from their home without having to move house. Over the last few years there has been an increase in the number of lifetime mortgage plans entering the market, which has not only provided borrowers with more choice and flexibility, but during this time rates have also fallen. Those considering a lifetime mortgage should be aware that it could have a long-term impact on finances and, as such, they should consider speaking to an independent financial adviser to help them decide whether it is the best option for their individual circumstances. As well as this, for those who are planning to take out a lifetime mortgage plan speaking to an equity release broker could help them choose the best plan for their needs.