Lifetime Mortgages

A lifetime mortgage, previously known as equity release, is a form of raising capital from your home whilst still living in it. There are two different types of schemes: Lifetime mortgage, or Home Reversion Plan.

A Lifetime mortgage is a loan secured on your home. You continue to own your home, and will have to pay back the mortgage at some point in the future. The mortgage can be repaid from the proceeds of the sale of your home if you move, when you die or if you permanently move from your home into long term care. There are different types of Lifetime mortgages and the most appropriate solution is dependent on your individual circumstances. A Home Reversion plan involves selling all or part of your home to a reversion company or an individual. You no longer own your home, but you can continue to live there as a tenant of the reversion company or individual. Your home will be sold when you die or if you permanently move out of it. 

Fraser James Partnership Ltd only recommends lifetime mortgages which are approved by SHIP – Safe Home Income Plans, and we only recommend lifetime mortgages which have a “no negative equity guarantee”. www.ship-ltd.org

Lifetime mortgages are a complex area and you should seek advice if this is something you are considering. To understand the features and risks, please ask for a personal illustration. At Fraser James Partnership Ltd we believe there is always a solution. For more information and guidance, or to speak with one of our qualified advisers, either male or female, please contact us in confidence, at any time.