Modern lifetime mortgage plans are highly flexible and there has never been more flexibility and choice when it comes to your clients releasing money from their homes.
But with over 200 plans on the market specialist advice is a regulatory requirement. So, if you’re not an expert in equity release, it’s important to refer your clients to one.
Your client may be suited to a home reversion plan, where they sell a portion of their home’s value, then live there rent free. Or they might prefer a lifetime mortgage, where they take a loan that is secured against their home, typically without monthly repayments.
Either way, they won’t need to pay back the money until they die or move into long-term care, but the differences of the plans are very important.
After understanding your clients needs and priorities we'll provide bespoke recommendations from over 200 plans on the market. Your clients can benefit from some of the following features:
Payment plans
Some plans allow your clients to pay part or all of the interest each month, there are also plans that allow them to repay some of the capital, which substantially reduces the amount that is owed when the plan is eventually repaid.
Drawdown
If they don’t need to borrow the full release amount available, your client can take the money after the initial release when they need it, (within the borrowing limit). The interest is only added to the amount released, so they could pay less interest over the course of the loan.
An enhanced plan
Your clients might be able to release a higher loan-to-value if they have a pre-existing medical condition or if they are a smoker.
Protected plans
With some plans it is possible for clients to protect a percentage of their property’s future value to leave behind as an inheritance, as long as they don't take the full release amount available.
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