Whether it means finding the cash to create a more relaxing retirement, paying off existing debts so that you don’t have to deal with monthly repayments, or helping other people in your life achieve their goals, we want to help make retirement mean more to you.

We do this by enabling eligible homeowners to take out a lifetime mortgage. That’s a loan secured against your home which, typically, won’t be repaid until after you’ve passed away or moved into long-term care.

Our lifetime mortgages allow you to:

• Maintain 100% home ownership
• Release a tax-free lump sum of money
• Continue to live in your property
• Make no monthly payments
• Guarantee to have no negative equity in the future
• Have the right to move home in the future (subject to criteria)
• Additional features to protect your home and loved ones
• We know how important your home and family are to you, so our lifetime mortgages are packed full of features that make it possible to protect the things that matter. You can choose a plan which enables you to:
• Guarantee an inheritance
• Take advantage of flexible repayment options
• Get early repayment charge exemptions
• Release additional cash in small lumps, after an initial lump sum
• Possibly release more money with certain health conditions/ lifestyle choices

A lifetime mortgage is a loan secured against your property. You should always think carefully before securing a loan against your property. We recommend that anybody thinking about going ahead reads ‘things to consider’ carefully first.

Always speak to a qualified, specialist adviser before you go any further to see if a lifetime mortgage is right for you.

Your adviser will run through all of the benefits and risks of a lifetime mortgage before making any recommendations to you. Some of the key things to consider are:

• A lifetime mortgage, which is secured against your home, charges interest on the total amount of the loan including the interest that has already accumulated, so the total amount you owe will quickly increase, unless you choose to make payments.
• Taking equity from your home can affect your entitlement to means-tested State benefits.
• Although any cash you take from your home through a lifetime mortgage is free of tax, it may affect your personal tax position. Tax depends on personal circumstances and is subject to change.
• As the name suggests, a lifetime mortgage is a life-long commitment, which is only expected to be repaid upon your death or entry into long-term care.There may be substantial charges incurred if you decide to repay some or all of the loan early.
• Taking out a lifetime mortgage will reduce the value of your estate and therefore the amount of inheritance you are able to leave.
• If you have an existing mortgage on your home, you would have to use the money you release to pay off the existing mortgage first.
• Age and lending restrictions apply – some types of property are not  eligible for a lifetime mortgage and more 2 life have our own underwriting criteria on which we base lending decisions.
• You should always think carefully before securing a loan against your property.
• A lifetime mortgage is not always right for everyone.

To find out if you qualify for a lifetime mortgage and whether it is right for you, you’ll need to meet with a specialist adviser. Getting tailored advice from a qualified expert is important; they’ll be able to:

• Explain the different options in more detail.
• Show you what a plan is likely to cost.
• Carry out the application process.

Involve your family

We recommend involving your family or friends in the advice process, as they’ll be able to ask questions and make sure you get all of the important details. If you have children then it’s important to discuss your options with them, as a lifetime mortgage will reduce the value of your estate and therefore affect their potential inheritance.

Getting expert advice

At FinanceMe, we believe passionately in the value of specialist, independent advice. We work closely with a number of trusted partners who offer professional advice across the whole range of equity release plans available on the market, including lifetime mortgages.