Lifetime Mortgages

chrisinsussex

I want to apply for a LifeTime Mortgage. I am over 65. Does anyone know of a reputable company that I could approach?

kingstreet

I suggest you seek the advice of an Independent Financial Adviser, or a broker with lifetime mortgage permissions.

Have a look here for more information;-

http://www.equityreleasecouncil.com/home/

holly_hobby

You need to seek an adviser whom has equity release authorisation - this is a niche area of advice, so you may find that not all advisers you may approach have chosen to seek authorisation in this area.

Apart from googling lifetime mortgage providers and advisers (which will bring up all usual suspects), you can also use the above link provided by Kings., and also the Society Of Later Life Advisers site (SOLLA - whom will provide details of independently assessed and regulated equity release advisers in your area).

At 65 you will qualify for both lifetime mge arrangements (rolled up interest) and home reversion schemes (% of equity in the property effectively signed over to the provider in exchange for the capital advance).

Due to the financial issues to beneficiaries such arrangements may bring, and your resulting possible future exclusion from means tested benefits as a result of the released capital, please ensure you consider this and involve all relevant family members in the decision making process, and that you importantly also seek a provider that provides a no neg equity gte.

As a side issue, if this is an income driven exercise, have you checked and ensured that you are currently in receipt of all qualifying benefits and financial assistance, that you may be entitled to ? If not, may be an idea to bottom this out, which may mean the difference between going down this road and not !

Anyhoo, your ER/Later Life adviser should review and discuss all this and more with you.

Hope this helps get the ball rolling ...

Holly