Later Life and Retirement Finances

Lifetime Mortgage

A Lifetime Mortgage is the most popular equity release option. A Lifetime Mortgage is a loan that is paid as a tax-free lump sum and is secured against your home, meaning you still retain ownership.

You will eventually need to pay back this loan, with interest, but it won’t be repayable until your property is sold when you pass away or go into long term care. If you get a Lifetime Mortgage as a couple, this is when the second applicant reaches these events.

A Lifetime Mortgage is more flexible but bear in mind the interest will accrue, you can clear some interest monthly or at a time of your choosing, to decrease the final cost. Anything value left from the sale of your property is passed down to your beneficiaries.

Lifetime mortgages are available to people over 55 years old and the percentage that can be released is based on:

Graphic showing the impact on lifetime mortgage rates

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Home Reversion

A Home Reversion allows you to sell some or all of your home to a home reversion provider. The provider effectively co-owns your home or in the case of selling it all, they will own your property. However, you keep the right to live there for the rest of your life or until you go into long-term care, in some cases rent-free.

With a Home Reversion, you will get either or lump sum or regular payments. You will typically get somewhere between 20 and 60% of the market value of your home (or the part you sell).

Most providers have a minimum age of 60-65 before you can apply, but the older you are the more money that can be released against the property value.

With both options, you must consider all options available, and your advisor will be able to assist you, helping you to find the perfect fit. We’ll take into consideration what impact releasing the money will have now and in the future, researching the right finance package to suit your circumstances and needs.


Here at the Mortgage and Finance Arena we are Members of the Equity Release Council

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