live in caregiver los angeles Lifetime Mortgage in 2019 - What is it?

Hello, in this video we look at what a Lifetime Mortgage is and how it works. You can read more about this type of equity release scheme here - https://ukcareguide.co.uk/lifetime-mo...

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Here is a transcript of this video.

What is a Lifetime Mortgage

Hello, I’m Rose from the UK Care Guide, and in this short 3-4 minute video I am going to explain what a Lifetime Mortgage is.
Equity release schemes, as you probably know, are rapidly growing in prevalence in the UK and overseas – and with good reason.

As more and more people are unfortunately finding they have left it too late to prepare for the cost of care or enjoy a happy retirement, equity release is understandably becoming an increasingly popular option.




Equity release schemes provide instant access to funds that can be used to pay for care in the short or long term. Or they are being used to make improvements to the home or even have the holiday of a lifetime.

When it actually comes to equity release, the most popular type of equity release scheme is known as a lifetime mortgage.
This is the most popular type of equity release scheme, as it’s the most flexible and versatile option.

The best way to describe a lifetime mortgage is to think of it as a kind of long-term loan, secured against the value of your property.
The difference with this compared with regular mortgages or loans is that although interest is added by the lifetime mortgage providers (usually on a yearly basis), no repayments are due until the termination of the contract – which usually occurs upon death or the sale of the property.

As with all investment options, there are benefits and drawbacks to consider if you are thinking about approaching lifetime mortgage providers, which we have covered in another video.

When it comes to choosing a Lifetime Mortgage, there are mainly 2 types that you may choose between.

Primarily, there are two different types of mortgages that you choose between:

The first in an interest roll-up mortgage
This is where you get a lump sum at the start or you are paid a regular amount over a period of time.
You are then charged interest on the amount that is borrowed and this amount is then added to the loan.

The effect of this is that you don’t have to make any regular repayments back to the mortgage provider.
The amount that you initially borrowed plus the rolled-up interest is repaid at the end of your mortgage term when your home is sold.
The second is an interest-paying mortgage

This is where you get a lump sum and make either monthly or ad-hoc payments to cover the cost of the interest on the amount borrowed.

This reduces, or stops, the impact of interest rolling-up. In addition, some mortgages also allow you to pay off the capital.
The amount you borrowed is repaid when your home is sold at the end of your mortgage term.
As ever we would always recommend that you speak to an equity release specialist who can help explain more detail what the differences are.




You can do this by either visiting our website and looking at our independent directory of equity release specialists or ringing the number at the end of the video.

Well, I hope you found this introduction to Lifetime Mortgages useful. Please do watch our other videos that discuss the advantages and disadvantages of equity release.

Finally, if you found this video useful, please do like, share or subscribe to this video. It would really help us out but more importantly help more people see this information.

live in caregiver los angeles Lifetime Mortgage in 2019 - What is it?
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