29 Wood Street, Stratford-upon-Avon, CV37 6JG

Equity Release Council
Equity Release Schemes

Lifetime Mortgages

A lifetime mortgage is the most popular form of equity release. It allows homeowners aged 55 and over to release tax-free cash tied up in their home. The amount of money you can release depends on things such as your age, health and the value of your home.

With a lifetime mortgage, you can take either a lump sum where interest accrues on the full amount from day one, or following an initial release you can have a cash reserve that can be accessed throughout retirement, known as a drawdown. This could save you thousands in interest if you don't need all the money straight away as you only pay interest on the amount drawn down.

There are typically no repayments to make with a lifetime mortgage, although many lifetime mortgages allow the option of making repayments, these are always optional. Any lifetime mortgage approved by the Equity Release Council will allow interest to be added to the loan on a compound basis over the borrower's lifetime with the balance becoming payable after death or exit into long term care.

Our adviser will personalise your plan to make it suitable for your requirements. For example, with some of our plans, you can choose to guarantee an inheritance for your loved ones through inheritance protection.

For added peace of mind, we can personalise your plan by adding optional features such as downsizing protection, so you can move home in the future if you need to, and/or with Inheritance protection, which allows a borrower to protect a fixed percentage of their property value to pass on to beneficiaries.

As with any mortgage, what remains from the sale of your property after your plan has come to an end can be passed on as an inheritance.

All of the plans we recommend are approved by the Equity Release Council, so all come with the no negative equity guarantee. That means you'll never owe more than your home's worth, so you can't pass on any debt accrued through equity release to your loved ones.

For more information, please call us today on 07967 011 207 or email us at hugh@copiafinance.com

Lifetime mortgages are complex products. To understand the features and risks, ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage.