A lot of medical professionals like to take advantage of a gradual move into full retirement while others simply stop work. Whichever method you prefer our experience has shown that at or near retirement people find themselves experiencing a fall in income. Yet at the same time they are living in a debt free (or relatively debt free) home, that is an ever increasing asset. . This type of mortgage helps you to boost retirement income by using the equity in your house without having to give up your home. There are two types of plans:
 
Home Equity Release Mortgages, whereby a loan is secured on the property which is cleared on an on-going basis or has no repayments and is paid off, along with the accrued interest, on the sale of the property when one permanently vacates the home, to go into long term care or following death. The loan can be for a lump sum (a Roll- Up Mortgage plan) or on a regular or irregular drip feed basis (a Drawdown Mortgage plan) A Shared Appreciation Mortgage (SAM) is where the principal loan and an agreed share of the increased equity value is paid to the lender on one permanently vacating the house and a Home Income Plan (HIP) is where the loan is used to buy a lifetime income (an annuity) and this is used to repay the loan interest with any remaining income being yours. The principal loan capital is, again, paid when the house is sold.

Home Reversion Plan is whereby a cash sum or extra income is taken in exchange for the sale of all or part of the property. Usually this is at a discount to the actual value of your property though you are guaranteed the right to live out your life in your home.  There is no interest roll-up but on sale of the property, following permanently vacating the property, you only receive a percentage of the sale price based on the percentage, if any, that you did not sell.

There is no set Reversion Scheme as policies differ from provider to provider and are dependant upon numerous factors like your age and sex, how much of your home you can sell, the discount percentage on purchase and whether you will benefit from any future increase in property values.

It is very important therefore that all the features and conditions of the various plans and schemes are assessed against ones circumstances and personal situation, like your age and sex, the age and sex of any spouse (for a joint plan) and the value of the property, are all taken into consideration when deciding upon the right lifetime mortgage for you.

We ensure this is carefully and meticulously done so the lifetime mortgage plan you utilize is the correct one to allow you to benefit from the financial investment you have made in your house while still having it as a home.

To continue with your life as you want and where you want let us put the time and effort into finding the right plan for you. Ring us on 0845-6756749 or clicking here now.