|Enhanced Lifetime Mortgage|
If you're looking for the maximum equity release from your property, an enhanced lifetime mortgage could provide the solution.
Enhanced lifetime mortgages are a 'roll-up' equity release scheme where lending criteria is based on your personal health records. In principle, these schemes will allow more cash to be released depending on your answers to a health & lifestyle questionnaire.
Basically, the poorer your health, the greater the tax free lump sum that could be made available.
The enhanced lifetime mortgage is a ‘roll-up’ equity release scheme.
Do I Qualify for an Enhanced Lifetime Mortgage?
This will depend on the type of health issues you have on your medical records. The lender works on the underwriting principle that life expectancy is likely to be reduced if ill-health has been experienced. The enhanced lenders can therefore afford to offer greater lump sums to these people, than for someone who is likely to live much longer.
Upon calculating the size of these maximum enhanced equity release schemes, these companies assess your health and lifestyle, as well as your age. Based on this information they are usually able to offer a loan that can be much higher than the standard equity release loan-to-values.
Which Types of Illnesses Apply?
A simple health & lifestyle questionnaire will ask for answers to the following: -
whether you smoke
height & weight including body mass index (BMI)
high blood pressure
suffer from diabetes
medical problems such as angina, heart attack, stroke, cancer
multiple sclerosis or Parkinson's disease
retired early due to ill health
whether you are on prescription medication
This list is not exhaustive and other health and lifestyle factors that could qualify which if more severe could provide a larger amount of cash from your release of equity.
A full list of conditions that qualify can be obtained by finding your local equity release adviser.
In addition to the above features, these enhanced equity release plans have the following advantages/disadvantages: -
Contact our impaired life equity release team today to see if you qualify for any of the enhanced lifetime mortgages currently available at...
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|Types of Equity Release Schemes|
|Types of Lifetime Mortgages|
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