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Hello, I’m Rose from the UK Care Guide, and in this short 3-4 minute video I am going to explain what the advantages and disadvantages of Lifetime Mortgages are.
The main thing is that they are becoming so popular because there are a number of advantages associated with them. I will share some examples with you.
Firstly, they allow you to retain ownership of your property – This is useful if you wish to keep it in the family, sell it early should circumstances change, or plan on yourself or family members continuing to live there indefinitely.
2 - Freedom to use your money locked in your house – The money borrowed can be spent (or reinvested) however you choose, giving you freedom and flexibility.
3 - Most providers give you a negative equity guarantee – This means that you won’t have to pay back more than you received when you eventually come to sell your property.
4- Useful for inheritance planning – Some providers will allow you to portion and protect a percentage of the property’s value to gift as inheritance, or make partial repayments early should your circumstances change.
Talking of partial repayments, that is the 5th advantage. Some lifetime mortgages will allow you to repay some of the money that you have borrowed.
This will help increase the amount that may be available to your family when you pass on.
So, as you can see there are a number of advantages. However, what are the disadvantages that you should be aware of.
Well, firstly it reduce the amount of inheritance you can pass on.
They are likely to reduce the amount of inheritance you’re able to gift to family members and friends.
However this is less of a concern if the cost of imminent care needs is likely to reduce the amount you can leave when you pass away in any case.
2 - It can have an impact on your State benefits and personal tax position – A lifetime mortgage can affect your entitlement to certain state benefit payments as well as your tax position.
Therefore, it’s worth obtaining a clear picture of how enrolling on a scheme could affect your income situation before making a decision.
This is why we always strongly advise that you speak to an equity release specialist first.
You can ring the number at the end of this video and someone will be able to help you.
3 - Remember you are also accruing interest – Lifetime mortgages accrue interest – both on the mortgage itself and the interest added each year.
This significantly increases the amount you’ll have to repay later down the line. However, Interest only lifetime mortgages can be taken out to alleviate this.
4 - Don't forget the mortgage needs to be repaid – You may need permission or be forced to make repayment early should you decide to rent out your property or sell it before the agreed period of time has lapsed.
This can become rather complicated if you
do change your mind or find that your circumstances change.
So, there we have it. I hope you found video setting out the advantages and disadvantages of Lifetime Mortgages useful.
Finally, if you found this video useful, please do like, share or subscribe to this video. It would really help us out but more importantly help more people see this information.
live in caregiver los angeles Lifetime Mortgages in 2019 - The Advantages & Disadvantages | |
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