Lifetime Mortgage Scheme

Expert Release Company is among the best equity release advisors in the United Kingdom. It specializes in the provision of expert equity release information to its clients ensuring that every client is equipped with information needed to make informed choice in getting to know and making a choice between what is practically available in issues of property equity release in old age.

The company operates three major schemes in delivery of its advisory services. These schemes are Lifetime Mortgage scheme, Drawdown plan scheme and Home Reversion Plans scheme.

Lifetime mortgage scheme refers to a situation whereby you can release the equity in your property in form of money either lump sum or regularly in intervals. This money that you will get will not be taxable because the property is already yours. You can get this money all at once or through a regular arrangement where you will get a fixed amount of money at particular stipulated times.

Lifetime mortgage scheme however does not carry with it any monthly repayments. This lump sum money is usually repaid together with the accrued interests after you and your partner dies or ceases to permanently occupy the property that has been used as security. This will therefore mean that your home will be sold off to recover the amount of money you took together with the amount of money that will have accumulated as the interest. This will however not be done in your life time, it will wait till you die or until you no longer occupy the property; have moved to another property permanently.

This lifetime mortgage scheme is only available to persons who are 55 years and above in the United Kingdom. This is the legal age in which one can be allowed to benefit from this lifetime mortgage scheme. It is however good to note that to qualify for this scheme, you also need to own the property in the first place.

A person in this mortgage scheme arrangement is guaranteed to own and to occupy the property used as security for the whole of his lifetime. The retention of the right to own this property means that you will benefit from the rising in value of your property. This property will then be sold off to repay the value of the money given and the interest accrued. It is however good to remember that the money advanced is tax free.

With this type of mortgage scheme, one benefits and is insured against repayments during ones’ lifetime.