Interest-only lifetime mortgages can reduce the inheritance for your family. Home reversion schemes may impact the ability to claim benefits. You may need to pay an advisor’s fee, and you could have higher rates to pay with some plans.
The more elderly you are and the unhealthier you are, the more cash you can release.
It is common to encounter people searching for lump sum lifetime mortgages, lumpsum lifetime mortgages or home reversion plans. However, Lifetime Mortgage from L&G like Maximum cover Equity Release are keen to see evidence of your personal circumstances in the form of bank statements.
The lender will want to know if the property is a Detached freehold house or a Leasehold house and if the resident is an Owner Occupier.