How does a Lifetime Mortgage assist in funding Home Care?
Purchasing private home care services gives you the benefits of being able to receive safe assistance to stop in your familiar surroundings with flexibility and independence.
For most of us, the most valuable asset we own is our home which not only represents our wealth but also memories, a place to live and financial security.
Over the last several years, lifetime mortgages have helped thousands of clients to fund private home care services.
We at Silver Wealth specialise in helping you to access a proportion of the equity in your home in a tax-free way to fund your home care services.
You do not need to be working to be eligible for a lifetime mortgage care solution. You may be retired, unemployed or even in poor health. However, you must be a homeowner and over the age of 55.
Benefits of a Lifetime Mortgage Plan
Lifetime mortgages allow homeowners aged over 55 to access equity from their homes, without having to make repayments until they pass away or go into long-term care.
Equity Release Council-approved plans offer the following safeguards subject to terms and conditions:
Retain 100% of your home ownership.
Security of tenure for life in your home.
Interest rates that are capped or fixed for life at the point of release.
The right to move home.
A 'No Negative Equity' Guarantee.
The ability to make flexible voluntary penalty-free repayments, which will reduce interest costs.
Independent legal advice before proceeding.
Lifetime mortgages are a highly regulated financial solution that allows homeowners over the age of 55yrs, to access the wealth of equity tied up in their property. Equity refers to the value of the property that is owned outright by the homeowner, minus any outstanding mortgage or loans secured against it.
The most common form of equity release solution is a lifetime mortgage, where a loan is secured against the property.
The loan, along with any accrued interest, is repaid when the last homeowner passes away or moves into long-term care. Funds released are Tax-Free.
Modern Lifetime mortgages are at the forefront of financial planning by providing access to tax-free funds to meet your objectives with no repayment required during your lifetime and whilst you retain full home ownership.
New lifetime mortgage plans of today offer great flexibility in that you can choose to make repayments up to 10% per annum penalty-free (some plans more) which will result in slowing down or stopping the roll-up of interest similar to an interest-only or capital and repayment mortgage.
When evaluating whether an equity release is a suitable solution for a client, we also explore alternative options such as downsizing, existing assets, conventional and RIO mortgages, etc.
Ring or message us for a FREE informal chat to see if you qualify and see which options are available to you. Call 07966 060 535 today.
Silver Wealth is a trading style of Mortgage Salad Limited, which is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register at register.fca.org.uk under reference 566220. Registered in England and Wales No 5941708. Registered Address: 12 Trinity Close, Tunbridge Wells, Kent, TN2 3QP.
Equity Release products, such as a Lifetime Mortgage or Home Reversion Plan, may reduce the value of your estate and could affect your entitlement to benefits. To understand the features and risks please ask us for a Personalised Illustration.
