Helping the over 55's release a tax free lump sum from their property and providing guided support and advice throughout the whole process.
A lifetime mortgage isn’t designed to be repaid in full before you (and your partner, if you have a joint mortgage) pass away, or move permanently into long-term residential care. However, sometimes your circumstances can change, and you might want to repay your loan early. If so, an early repayment charge may apply. The Life time mortgage provider will set out their early repayment charges and can vary for each provider.
You might find that you wish to move in with a member of your family, as an alternative to going to live in a nursing home. Obviously this will depend on what sort of support and care you might need at that stage, and what options are open to you.
You should check carefully how your proposed equity release provider would respond in this situation as some will only allow you to move in with a relative if your medical needs require this. Others may not be so specific. If you think it might become a relevant issue at some point in the future, make sure you ask the question and get a clear answer.
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