What is a Lifetime Mortgage?

February 13, 2023
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A Lifetime Mortgage is a non-income assessed mortgage, which is only repayable when you either pass away or enter long term residential care, and can be used for the following:

  • Home improvements
  • Gift to family
  • Improve lifestyle
  • ‘Top up’ income / pension

But it can also be used to buy a new home!

 

Picture this…

Your client would like to move to their forever home, but it is out of their budget and they have an existing mortgage which they would like to pay off.

Using a Lifetime Mortgage allows them to clear their outstanding mortgage, while also obtaining additional funds with which to purchase their new property.

The property sale, mortgage repayment and new property purchase are all finalised at the same time!

What’s more, this is without having to make any monthly payments, if they do not wish to.

They may, however, wish to consider paying all or some of the interest off, either with regular monthly payments or ad-hoc voluntary payments.

Once they have found the property they wish to buy, they sell their old property, clear the mortgage and move into their new home.

It will be their new home that will then have the Lifetime Mortgage on it.

The process is very similar to a conventional property purchase and the result is that they have the new property they desire without the need to make monthly mortgage payments, if they do not wish to.

Of course, Equity Release is not right for everyone and I always carry out a thorough financial review to look at all available options.

What I can offer:

I’m looking to work with Estate Agents who may have clients over the age of 55 that could benefit from a Lifetime Mortgage.

As I specialise in Lifetime Mortgages only, I am offering a 50% procuration fee split for any cases that complete. This referral commission amount equates to approximately 1.5% of the total loan amount.

Please get in touch if you have any questions or would just like a friendly chat about how Equity Release / Lifetime Mortgages work and could potentially help your clients.

www.millerlife.co.uk

lee@millerlife.co.uk

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