A Lifetime mortgage is a form of equity release where a loan is secured against your property to provide you with a cash to spend as you wish, with no monthly repayments to meet.
You cannot have a lifetime mortgage if you are under the age of 55.
You can take money as a drawdown (ie lump sum) or as a regular income.
Its a complex area and advice is certainly needed.
Gam do not specialise in this area, but we deal with brokers that do.
We will give you good advice and again it will be fee free .
The main disadvantages of a lifetime mortgage are:
The amount you leave as an inheritance will be reduced.
The interest applied can grow quickly as it is compounded.
