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Lifetime Mortgages - Important Considerations
The issues surrounding pensions in the UK means many people face a considerable drop in income when they retire, with the real prospect of having to downsize to release equity from their homes to help supplement their pensions. However, many retired people who manage on a small pension and limited savings are also living in properties which, even with the recent house prices fall in some parts of the country, have soared in value. This has opened up the market to an alternative known either as Lifetime mortgages or equity release, which many are now finding an effective way of generating readily accessible capital from their home, enabling them to afford the life they want in retirement and do the things they want to do without the need to move.
An equity release scheme could mean the difference between a comfortable retirement and a constant worry about paying the bills. However it is not suitable for everyone, and serious consideration of the following would be recommended before reaching a final decision.
How Lifetime Mortgage Plans Work
All Lifetime mortgages work on the principle that they provide part of your home's value in return for a share of the proceeds when you die, with the proceeds available to use for any purpose such as purchasing a new car, to pay for home improvements or a holiday, or simply to make daily life a little more comfortable.
The equity release in your home can be made available either as a lump sum, or as a monthly release, or a combination of both. Flexible features now make it possible to mix and match product features that satisfy the specific need.
How much you can borrow depends on the value of your home and your age - the older you are, the higher the percentage of your property's value you can borrow. The Maximum lifetime mortgage available is generally 50% of the property value.
Equity release schemes can be complicated products and are now fully regulated in the UK by the Financial Services Authority, who themselves recommend getting independent financial advice before proceeding with a Lifetime mortgage.
Equity Release Plans - Pros & Cons
Pros
- They can provide a lump sum, a regular income or both.
- The Equity released whether in a lump sum or as a regular drawdown, is tax free unless invested.
- You don't have to move house or sell your home to unlock equity.
- It can be a way of cutting inheritance tax bills as the value of many properties means that IHT is no longer something only the rich have to pay.
- They can be used to pay for care bills without having to sell up at what can be a traumatic time.
- No interest payable while you are alive, so you will get a higher income for the same sized loan than with an interest-only mortgage or home income plan.
- Most loans are fixed-interest, so reducing risk.
- Plans are available to people as young as 55.
- The Financial Services Authority authorises and regulates providers of Lifetime mortgages.
Cons
- It is impossible to say how much will have to be repaid at the end - and how much will be left for your family.
- Interest payments roll up and compound reducing what your family will inherit. Your family could end up with nothing from the sale proceeds even though the lump sum you were lent only seemed a fairly small proportion of the home's value.
- You may not be able to get a top-up loan later.
Further points to consider when taking out a Lifetime Mortgage are -
1. An independent adviser will look at the overall picture, taking into account any effects equity release will have on any means tested benefits and tax allowance as in some cases you could risk losing some or all of it, or having to pay extra tax
2. Consider whether funds could be raised affordably from other sources.
3. Equity release plans can be a good way of cutting potential inheritance tax bills, but they will also reduce what your family will inherit. Instead of taking out a Lifetime mortgage, your children or other relatives may be happier to help you out finacially instead, so that the equity in the property is protected. They could then inherit the whole property.
4. Consider whether moving to a less expensive property might be a better way of releasing money tied up in your home.
5. Look for plans carrying the SHIP logo. SHIP is an industry body set up to promote safe equity release schemes. A number of guarantees are provided by SHIP members that includes; The right to live in your property for life, The freedom to move to an alternative property without penalties and a no negative equity guarantee so that you can never owe more than the value of your home.
6. You may want to downsize in the future, or sell up completely to move into a care home or sheltered accommodation. Is an early repayment charge payable if you wish to transfer the mortgage to a new property or settle the loan before death.
7. Check the costs as schemes are becoming more competitive. A free valuation and a contribution towards the legal fee is not uncommon.
8. Check the impact on your tax allowance
9. If your house value falls or there is a rise in inflation what will happen?
10. Who will be responsible for maintaining the home?
11. The fees and charges for arranging the equity release.
12. What will happen if your circumstances change such as remarriage?
13. Once an equity release scheme has been set up, will others be able to take up residence in your home?
About the Author
Jerry Figueroa-Lee provides impartial, independent mortgage advice through The Mortgage Warehouse which was established in 1999 to provide online mortgage advice on the best UK Equity Release Schemes and Mortgage Rates available.
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