Time of Life Mortgages offer independent advice on Equity release mortgages and home reversion. Below are just some of the reasons why our clients apply for a equity release mortgage

Repay Depts

Equity Release mortgages can be used to clear a standard mortgage, loans credit cards that have been carried through into retirement.

Buy a holiday Home

A common use of Equity Release is to buy a holiday home either in the UK or abroad. With more time to spare in retirement for holidays and to enjoy a holiday home.

Help a family Member Buy a Property

Probably the most common use of equity release is to help a family member buy a property. Equity release can be used to access funds to provide a deposit for a property purchase.

Buy a New Car

Buying that car you have always dreamed of or buying an additional car for the family.

Take a Holiday of a Lifetime

Ever dreamed of a world cruise, exotic holiday of a life time or simply spending some quality time with the family on a family holiday.

Home improvements or property maintenance

A popular reason to use Equity Release is to complete home improvements like an extension, landscape the garden or adapting your property for later life living or just general maintenance.

Compare equity release rates and see if equity release is the right option for you.

What is Equity release?

Equity release (also called Lifetime mortgages) could be available to people aged 55 and over that own a property or looking to buy a property. It allows the property owner to get a mortgage regardless of income. It could be used to release equity tied up in property or buy a more expensive property. The Lifetime mortgage is secured against the security property like a standard mortgage but does not have an end date and instead is repaid on the event of death or entering into long term care.

Advantages of Equity Release (Lifetime Mortgages):

  • Provides a tax free lump sum for you to use how you wish.
  • You remain the owner of the property.
  • Flexibility of paying the monthly interest or making no monthly payments.
  • Most lenders offer a no negative equity guarantee so you will never owe more than the value of the property (all lenders have no negative equity guarantee when they are part of the Equity Release council)
  • Inheritance tax planning

Disadvantages of Equity Release (Lifetime Mortgages)

  • Reduces the equity in your home so less is left for your beneficiaries
  • Eroding equity in the property if adding the interest to the lifetime mortgage.

Reasons to use a Lifetime mortgage:

Equity Release
Equity Release

Keith - Sussex

We needed to make some improvements to our home to make it easier to live in through our old age. With the money we released from our property we made the alterations needed.

Mary - Yorkshire

The entire process was very smooth and the adviser answered my questions along the way so everything was clear.

Frequently asked equity release questions

What is Equity release?

There are two main types of equity release-

Lifetime mortgages are similar to a standard mortgage where an amount of money is secured on an asset. The mortgage interest can be paid or rolled up (added to the mortgage).

Home reversion where all or part of the property is sold but the occupier can live in the property.

Is equity release the right option for me?

You have to consider all options available, entering into an equity release agreement is a long term agreement and is not designed for short term finance. We will talk you through all the options and advise you of the best option for you.

How much equity can I release?

The amount that is available will depend on the age of the applicant and the value of their property. We will research the market and present the most competitive available to you.

Is it possible to take more money out later?

There is an option with most Equity Release providers of a draw down facility where there is a reserve amount available for a property owner to take when they require, this is is called a Draw Down.

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