Understanding What a Lifetime Mortgage Can Do For You

senior_reverse_mortgageLifetime mortgage options have become more popular as people begin to realise that there are benefits to releasing the equity in their homes. There are several options to choose which will benefit you and your family. The amount that you can release will depend on several factors, including the value of your home and your age.

There are often limits to the amount of money that you can release; however, this can be a substantial amount. The amount will also often depend on the area in which you live, and other deciding factors that you need to establish. There are several companies that will assist you with the equity release to ensure that you receive what you expect.

Taking out lifetime mortgages with stonehaven-uk.com is a fantastic way to ensure that your family is catered for after your death. You can also benefit from this style of mortgage if you need to move into long term care facilities. This is a fantastic system, and provides many people with peace of mind guaranteeing that their mortgage payments will benefit everyone.

As with all lending, Stonehaven will require you to meet the criteria, and there are key requirements which need to be fulfilled. These are straightforward, and will ensure that you receive the correct information regarding the lifetime mortgage. You will need to be between 55 and 90 years of age, and own your home.

You will also need to be a UK resident and your property will need to be assessed before the mortgage option is completed. It does not matter if you are single, unmarried and or in a casual relationship as long as you are both on the title deeds for the house. The house that you want to release the equity from must be in the UK and be the main residence.

There is a minimum value for the house, which is 70,000 and Stonehaven will not exceed four million pounds for the value. Any mortgage that is currently on the house must be paid in full, to ensure that the lifetime mortgage can be put in place. Some people choose to use the money from the lifetime mortgage to pay the existing debt.

Fees are part of the process and you need to be realistic regarding the amount that you will need to pay. Some fees you will need to pay upfront, but others can be paid on completion which is easier for some people. Once the application has been submitted, you will need to go through the process of being accepted.

This can be a nervous time, but many people are accepted and lifetime mortgages can be the ideal way to help you in the future. You will be able to release the equity for a number of reasons, and enjoy the later years in your life. Regardless of why you want the lifetime mortgage it can be beneficial for everyone.

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