Lifetime mortgages
Lifetime mortgages involve the taking out of a mortgage secured against the value of the home. There are no monthly repayments and interest is rolled up over the life of the loan and repaid upon leaving for long-term care or death, at which point the property is sold and the lender repaid. Interest can be fixed or capped. One aspect is that the loan can increase as interest is added over time to greater than the value of the property, although SHIP's member schemes offer a no-negative-equity guarantee.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
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For the "Age Concern" Fact Sheet on Equity Release and Home Reversion Schemes, click..... Age Concern Fact Sheet.
Please Note: Advice is essential when considering this product and we are proud that we have fully qualified advisers at your service!