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A Lifetime Mortgage is a type of Equity Release plan where you unlock a lump sum of tax-free cash from your home. You continue to own your home with this type of plan.
There are different types of equity release plans to think about. The main two are a Lifetime Mortgage and a Home Reversion Plan. They both let you access tax-free cash.
With a Lifetime Mortgage, the money you release is a loan that’s secured against your property. If you still have a mortgage you’ll need to use the money you release to pay this off first and then you can use whatever is left over to spend on what you like.
The loan, plus any interest, is then paid back from your estate when you die or move into long term care. This means that the amount you can pass on to your loved ones from your estate will be less.
Releasing cash from your home might not be right for you. Here’s a quick look at the key things to think about, so you can make a choice that’s right for you:
Simply fill in a few details and find out how much money you could unlock from your property.
If you’d like to know more about Lifetime Mortgages or start the Equity Release process, here are some next steps you can take:
We can help explain everything you need to know and answer any questions you may have.
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If you're looking for more information we've made a handy brochure that covers everything you need to know about Equity Release.
If you decide to release money from your home, the money you get would be a loan. It gets paid back after you die along with any interest, meaning the amount you have to pass on as inheritance could go down. Any means-tested benefits may also be affected.
You will speak to an adviser before releasing any money and they’ll make sure you understand the whole process.
Explore your retirement income options, including ways to take your pension money, with our handy guides and tools.