Lifetime mortgages allow a retiree over the age of 55 to receive a tax-free cash lump sum from the value of his or her home. When receiving the money, it does not matter what it is used for. In fact, many retirees use the money to help them have a accessible cash on deposit or a steady flow of income. The benefits of having a lifetime mortgage is that you can live in your home rent free for the rest of your life. There are also further benefits & more flexible products such as an interest only lifetime mortgage which can enable you to leave a portion of your home to a relative.
Bristol and West Lifetime Mortgage Centre is a good place to go to get information on all lifetime mortgages. They work with retirees who are 55 and over and having a difficult time making ends meet. They will conduct a short factfind in order to assess your current situation & base any recommendations on this & your requirements. They will then help you through the application process; including the property valuation, solicitors & legal paperwork & eventually in about 6-8 weeks the final completion & release of the tax free cash into your bank account.
When you receive the cash lump sum it does not have to repaid on a monthly basis. Even though, it does not have to be repaid, the interest will still accumulate, but this can be eventually paid off once you pass away or move into nursing care home.
At the Bristol and West Lifetime Mortgage company, your lifetime mortgage can be transferred to another property. The adviser may tell you about the different lifetime mortgages available, such as roll-up. With a roll-up lifetime mortgage, you can borrow what you need. This will help to keep the interest down and to protect your loved ones when you pass away. Your beneficiaries can, if required, take over the ownership of the property upon death. They will however need to repay the lifetime mortgage company the amount outstanding. Otherwise, & more usually, the property is sold & paid back that way.
By going to the Bristol and West Lifetime Mortgage Centre, you will become a member, which will allow you to reap the benefits. For instance, you can receive free valuations, depending on what offer is available. Also, you can receive a fixed rate instead of a variable rate. With a fixed rate, your rate will not change regardless of any changes the Bank of England make to mainstream interest rates.
To contact, you can go online to locate the Bristol and West Lifetime Mortgage website or call 0800 321 3156 for more information. An independent financial adviser will be glad to speak with you to tell you more about the lifetime mortgages they have available. In no time, you can be enjoying the money that you deserve to buy things that you have wanted to buy, but just did not have the extra cash.
