The older you are and the sicker you are the more tax free cash you can release.
It’s very regular to find people searching for monthly payment life time mortgage, monthly payment lifetime mortgage or lifetime mortgage with flexible drawdown cash release, however, Age Concern like Maximum cover Equity Release are keen to see evidence of your personal situation in the form of investment statements.
Home reversion plans can reduce the inheritance for your family. Lifetime mortgage with flexible drawdown cash release may impact entitlements to benefits. You may need to pay a legal fee and you could be exposed to changes in interest rates with some products.
The mortgage lender will want to know if the property is a Detached freehold house or a Leasehold flat with share of freehold and if the resident is an Assured shorthold tenancy tenant.