Equity Release
A Lifetime Mortgage is designed to run for the lifetime of the customer although there are options to repay early. There are no monthly payments to make so the interest rolls up, although there is an option to make monthly or voluntary payments. The customer maintains 100% home ownership and can move the mortgage to another property if they wish or can pay it back at any time.
When the customer passes away, the mortgage plus interest is redeemed from their estate.
Equity release council
Morgan Financial Solutions are a member of the Equity Release Council. Over 25 years, the council has worked to promote high standards of conduct and practice in the provision of and advice on equity release. Through standards set out by the Standards Board of the Equity Release Council, as a member, Morgan Financial Solutions are able to guarantee our customers that we offer products and services which conform to the best practices of the sector.
Eligibility
- Youngest person on the deeds is aged 55 or over
- Live in the home they want to release equity from for at least 6 months of the year
- Minimum property value of £70,000 usually
- Minimum release of £10,000 usually
What is it for?
- Make home improvements and increase its value
- Help loved ones onto the property ladder
- To upsize to a more expensive home
- Gift family & loved ones an early inheritance.
- Help family plan for a wedding or a new family member.
- To clear an existing mortgage.
- Enhance a lifestyle.
- Realise ambitious travel plans.
- Boost a business with some capital.
Types of Plans
Roll-up Lifetime Mortgage:
- Tax free, cash lump sum.
- No monthly repayment option.
- Interest and loan paid from your estate when you pass away.
Retirement Mortgage:
- Same as a normal interest only mortgage but rolls into an Equity Release when the client reaches correct age
- For the client on a reasonable retirement income
Draw-down Lifetime Mortgage:
- Tax free cash to draw when needed.
- No monthly repayment option.
- No Interest on amount held in the reserve account.