Equity Release & Lifetime Mortgages

Equity release

Equity release allows older homeowners to release funds from their homes to use as a cash lump sum or as a regular income. You may want to help out your children, do home improvements, repay debts, pay off a current mortgage and stay in your home or simply enjoy later life and it is all tax free. You continue to live in your own home until you die or move into permanent care at which point the property is sold to repay the loan, and you retain full ownership at all times.

 

Normal traditional mortgages require monthly payments, equity release options don’t, although this is still possible if it meets affordability. You can do a lump sum draw down or annual drawdowns if for example you wish to top up income each year. You have choices and will never repay more than the property is worth.

Retirement interest only mortgage (RIO)


These were introduced by mainstream lenders as a stop gap for those ending standard borrowing mortgage and not wanting to go down the equity release gap. They are interest only so you will only make the interest payments and will be assessed on income in retirement or income that will be available for life. Lenders will restrict the maximum loan size and Sale of property is the repayment vehicle to repay the loan, just like equity release this is usually on death or moving into long term care when the property will be sold.

 

Call us at DWM Mortgages today for further information on any of these products.

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    Searching for the ideal mortgage, insurance, solicitor or generally managing your wealth can be a daunting experience.

    As an independent broker our services & advice are impartial in helping you find the perfect financial solution that suits your needs…  Enter your details below & we’ll be able to get you on the right track straight away!

      We offer free expert advice, with no obligation!