A lifetime mortgage, which is the most popular type of equity release plan, allows eligible homeowners aged 55 and over to unlock some of the tax-free cash tied up in their property. Key Moments

00:00:00 What is a lifetime Mortgage? 1. Unlike traditional mortgages

00:00:12 2. The plan ends when the last living borrower dies

00:00:23 3. Most lifetime mortgages will offer a drawdown option

00:00:44 4. Because you take out smaller amounts of money over a period of time. 00:00:59 5. Lifetime mortgages that meet the Equity Release Council Standard 00:01:11 6. Lifetime Mortgages also provide a no negative equity guarantee. 00:01:41 7. You must be a homeowner and your property must have a minimum value of £70,000

00:02:09 8. You must fully pay any debt secured against the property

00:02:26 9. Finally, there may be restrictions on the types of properties

00:02:40 If you have found this video helpful, why not have a look at https://retirementsolutions.co.uk/ for more videos on the subject of Equity Release and Lifetime Mortgages. Your specialist equity release adviser will explain: Equity Release may involve a Home Reversion Plan or Lifetime Mortgage.

A lifetime Mortgage is secured against your property. Equity Release will Lower your estate value, reducing your financial options in the future including the provision of long-term care. Equity Release requires paying off any existing mortgage. Any equity released, plus accrued interest, is to be paid upon death or moving into long term care. Equity Release will affect potential inheritance and your entitlement to means-tested benefits both now and in the future. At Retirement Solutions our advisers are members of the equity Release Council. It’s important to note not all advisers are members of the Equity Release Council. It’s important to note that your home is not at risk if you abide by the terms and conditions of the contract. We provide initial advice at our cost and with no obligation. Only if your case completes would our advice fee of £1899 be payable. Other lenders and solicitor’s fees may apply. To understand the features and risks ask for a personalised illustration.