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A lifetime mortgage allows homeowners aged 55 and over to purchase a new home or access money tied up in their property while continuing to live there.
It’s a flexible way to unlock funds that can support a variety of needs, whether financial, personal, or practical.
There are lots of different types of lifetime mortgage available such as:
Here is a list of the 8 most common reasons people choose to take out a lifetime mortgage:
Let’s take a closer look at how these options work and why they might appeal to you.
For many people, retirement income may not stretch as far as they’d like. A lifetime mortgage can provide a financial boost to cover everyday costs or enhance your quality of life.
This extra income might help with bills, groceries, or regular household expenses, allowing you to manage your budget more comfortably.
It could also offer the chance to enjoy hobbies, pursue interests, or spend more time on activities that make your retirement fulfilling.
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If you’re considering moving, a lifetime mortgage can help make it happen.
This option can be particularly useful for those looking to downsize, move closer to family, or relocate to a property that’s easier to manage.
You can use the money released from your current home as a deposit for a new property, while the lifetime mortgage covers the remaining cost.
This means you can move without worrying about the challenges of selling or managing finances during a big transition.
If you are a first-time buyer, you will need a large deposit to purchase a new home with a lifetime mortgage.
Many people use a lifetime mortgage to settle existing debts, such as credit card balances, personal loans, or an outstanding mortgage.
By paying off these commitments, you can reduce your monthly outgoings in and approaching retirement and free up your income for other priorities.
This option can be especially appealing if you’re finding debt repayments difficult to manage or want to simplify your finances.
Clearing debts with a lifetime mortgage can ease financial pressures and provide peace of mind.
It is important to note that with debt consolidation, it is always important to seek professional mortgage advice in order to avoid ending up in a worse situation.
A lifetime mortgage can allow you to support loved ones financially while you’re still alive.
For some, this might mean helping children or grandchildren with a house deposit, university fees, or starting a business.
Providing this kind of assistance can be a meaningful way to share your wealth, especially if it helps family members achieve significant life goals.
It also offers the satisfaction of seeing your support make a real difference during your lifetime.
Improving your home can make it more comfortable, energy-efficient, or better suited to your needs as you age.
Whether you’re updating your kitchen, adding a conservatory, or installing mobility aids like stairlifts or walk-in showers, a lifetime mortgage can help cover the costs.
These changes can make a big difference to your quality of life and ensure your home remains practical for years to come.
Medical expenses or long-term care can become a significant concern as you get older.
A lifetime mortgage can provide the funds needed to access private healthcare, pay for specialist treatments, or cover the costs of in-home or residential care.
This can give you the peace of mind that you can afford the care you need, when you need it, without putting strain on your savings or other assets.
Whether it’s travelling to destinations you’ve always dreamed of, starting a project you’re passionate about, or taking up a new hobby, a lifetime mortgage can help make your plans a reality.
Many people use the funds to create memorable experiences or take on meaningful projects, giving them the opportunity to enjoy life to the fullest during retirement.
A lifetime mortgage offers flexibility, so the money can be used for whatever is most important to you. Whether it’s for practical needs, financial stability, or personal goals, how you use the funds is entirely up to you.
While a lifetime mortgage offers many benefits, it’s important to consider how it may affect your long-term plans.
The loan and any interest are repaid from the value of your home after you pass away or move into long-term care. This could reduce the amount left for your family.
Many lifetime mortgages offer inheritance protection, allowing you to reserve part of your property’s value for loved ones.
If you receive means-tested benefits, releasing equity could affect your eligibility. It’s a good idea to check how your finances may change as a result.
Taking the time to understand these factors and seeking professional over 50s mortgage advice can help you decide whether a lifetime mortgage is the right choice for you.
A lifetime mortgage can offer financial flexibility and help you meet your goals, but it’s important to make an informed decision.
Whether you’re looking to move home, clear debts, support family, or improve your lifestyle in retirement, exploring your options with an experienced over 50s mortgage advisor can recommend what option is best for you.
The alternatives to a lifetime mortgage that your advisor will consider are:
Contact us today to learn more about how a lifetime mortgage could work for you and to explore any more suitable alternatives.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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