Futura Independent Financial Advisers

Your pension may not be enough for you to do what you want to do or even manage your day-to-day living. If you are a home-owner and would like to generate a lump sum or income from your property this can be done by taking out a Lifetime Mortgage Plan or Reversion Plan. In both cases this would allow you have funds and allow you to 'live in your home' for the rest of your life or until you leave your home to go into care.

A Lifetime Mortgage Plan is a loan secured on your property. This plan allows you take a lump sum, have an income or a combination of both. The amount borrowed plus any interest is repaid to the lender after you die or leave your home to go into care. In most cases you will not be advanced more than 50% of your property value. The benefit of this type of plan is that you still own your home and you can move and take the loan with you, alternatively you can repay the loan with any accrued interest.

A Reversion Plan is available to those over 65 years of age or in some cases over 70. With this plan you sell part or all of your property to the reversion company who will pay you a lump sum and you can continue to live in your home until your die or you go into care. At this time your home will be sold by the provider and any additional monies left will be paid to your beneficiary.

This can be a difficult decision for you, therefore we at Futura Independent Financial Advisers will look at your overall financial situation to see if this is the best option for you and help find the plan that suits your needs.

Disclaimer

Lifetime Mortgages - To understand the features and risks ask for a personalised illustration