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Lifetime Mortgages

  • You will receive a tax free cash lump sum and some providers will allow you to drawdown money at a later date so you don't take it all at once if you don't need it now.
  • Most schemes have no monthly repayments as the interest owed rolls up.
  • You can stay in your home for as long as you choose or move home if the scheme fits.
  • You will never be in negative equity so your estate will never owe any money above that of the plan.

Your home may be repossessed if you do not keep up repayments on your mortgage.  Equity release products can lead to a reduction in equity in property, which may make it difficult to move home. The value of your estate may be reduced.  There may be a reduction in state benefits allowed so it is recommended you take advice in this area

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