What is a lifetime mortgage?
Published 18/03/2016 11.42 AM | Updated 01/11/2017 01.05 AM
A lifetime mortgage isn't that different from the standard mortgage you probably took out when you first bought your home. It's a loan secured against the value of your home on which interest is charged. However, unlike a standard mortgage, there are normally no monthly instalments to pay (although some providers may require you to pay the interest on the loan). With both equity release products from LV=, the interest is added to the loan to be repaid on the death of the borrower or if the borrower goes into permanent residential long term care. The loan is usually repaid from the profits of the sale of the property. This is a lifetime mortgage. To understand the features and benefits ask for a personalised illustration.
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