It’s a big decision to take a lifetime mortgage and this isn’t the right option for everyone. You should carefully weigh all your choices.
Bear in mind that extracting cash from your home may decrease your estate ‘s value and can impact your right to state benefits – such as pension credits or your entitlement to any grants or other benefits from the government.
Before making any decisions about equity release or Lifetime mortgages, you can explore other ways to collect funds for later life. For instance:
– If you’re happy to downsize, you could sell your home and move to a smaller, cheaper property and access the value in your home.
– You could think about taking out an unsecured loan or remortgage and make the repayments in your lifetime.
– If you have any savings or investments, you could put these towards your retirement fund.
– Are there any government or local authority grants you qualify for.