Retirement Home Plan

Equity Release without an increasing debt.

If you are wanting to release equity from your property but have been put off by the thought of a traditional roll up lifetime mortgage because of their relatively high fixed interest rates, or the prospects of falling house prices, then the Retirement Home Plan could be just what you are looking for. 

The Retrirement Home Plan is an interest only mortgage offered by Halifax (but only through specialist equity release advisers such as ourselves) and is guaranteed to run for the rest of your life.  This means that providing you have some spare income which can allow you to pay the interest each month, not only will this scheme guarantee you the right to remain living in your home for the rest of your life, but more importantly the debt will remain the same and never increase!  This can be a tremendous comfort if you feel house prices will not rise significantly or if you want to leave as much equity in the property as possible for children to inherit. 

Should you want to, currently this scheme will also allow you to make voluntary capital repayments of up to 10% of the outstanding balance each year without any Early Repayment Charges.

Who is eligible for the Retirement Home Plan?

This interest only mortgage is potentially available to those applicants who are:

• Over the age of 65 regardless of whether retired or not.  This needs to be the case for both applicants in joint life cases.
• Over 55 who are retired and receiving no earned income.
• Homeowners with either no mortgage or who have a sufficiently small mortgage which could be repaid by re-mortgaging to this type of scheme.

Eventual eligibility and the amount available will be based on retirement income and affordability which will be assessed by the lender and determined by credit scoring and the valuers opinion of your property.

To discuss potential eligibility call us today on FREEPHONE 0800 970 4883 or simply complete our online enquiry form and we will call you back as soon as possible.

We would like to point out that as this is an interest only mortgage designed to run for the rest of your life/lives, you should only consider it if you can afford to meet the monthly repayments not only at present but for the rest of your retirement.

Your home may be repossessed if you do not keep up repayments on your mortgage

Further information on Interest Only Lifetime Mortgages

For more information about how interest only mortgages work, including a discussion on their relative pros and cons, visit our lifetime mortgages page.

Alternatives