I am thinking of taking out an equity release lifetime mortgage but I am worried that I might lose my home and not be able to live there for the rest of my life? What reassurance can you give that I will not lose my home if I take out an equity release lifetime mortgage?
No you won't lose your home under a Safe Home Income Plan (SHIP) approved equity release lifetime mortgage because, unlike a home reversion plan, if you take out a lifetime mortgage you are not selling your homes ownership to release some money, simply agreeing to the lifetime mortgage provider placing a legal charge on your title deeds at the Land Registry to guarantee them that when your property is sold they will get their money back. Likewise your right to remain living in your property for the rest of your life is also guaranteed.
To further reassure you, the amount of money you borrow plus accumulated interest, can never exceed the value of the property under a SHIP approved roll up lifetime mortgage, due to the plans no negative equity guarantee. Even better, you will continue to benefit from any future increases in the value of the property.
To find out more about the safeguards you have under an equity release lifetime mortgage see key safeguards.
Professional advice
Before entering into any equity release plan we would strongly recommend that you fully discuss the benefits of equity release with an experienced, specialist adviser such as ourselves. being impartial we will be able to discuss all forms of equity release with you including interest only lifetime mortgages where the debt doesn't build up. If you would like to arrange a free no obligation home appointment, please complete our online enquiry form or call us on FREEPHONE 0800 970 4883 and we will discuss a suitable appointment with you.