Our Independent Financial Advisors (IFA) in Eastbourne, East Sussex provide expert Lifetime Mortgage advice on schemes and rates. Initial meetings are without cost or obligation with a fully qualified Later Life Specialist Adviser.
We are happy to meet clients across the Brighton, Hastings, Uckfield, Seaford, Crowborough, Newhaven, Lewes, Bexhill, Tunbridge Wells and Hove areas. As a result of recommendations from current clients we are providing lifetime mortgage advice well beyond the East Sussex borders too. To arrange a free initial discussion at your home, workplace or our offices contact us today.
As a consumer, one of the most important things to look out for in a lifetime mortgage advisor is the Equity Release Council logo. Clifford Osborne is approved by the Equity Release Council, an associate member of the Society of Later Life Advisers (SOLLA) and regulated by the Financial Conduct Authority.
A lifetime mortgage does not always require monthly repayments, although with some plans, rather than compound the interest, you can opt to make monthly repayments if you wish. You retain ownership of your home.
The loan and the interest is repaid by your estate when you die or move into long-term care. If you are part of a couple, the repayment is not made until the surviving partner living in the home either dies or moves into long-term care, meaning both you and your partner are free to live in your home for the rest of your lives.
If you take out a lifetime mortgage you can choose to receive your funds as a lump sum or in smaller, regular amount known as a ‘drawdown’ arrangement.
There is also an option available to increase the amount you have borrowed up to the maximum limit agreed with the plan provider. You can elect to protect some of the value of your property as an inheritance for your family, meaning you can benefit from releasing equity while still retaining something to pass on to beneficiaries.
Some people may be able to release larger lump sums due to impaired health or prefer to make monthly repayments in part, or in full, with an option to compound at a later date if the monthly repayments became unaffordable.
There are advantages and disadvantages in both types of plans so it is important for you to use an independent lifetime mortgage advisor to find out as much as you can. We recommend, if possible, that you discuss this with your family to ensure you all understand the process and choose the best plan to meet your stated needs.
To understand the features and risks of an Equity Release Scheme please ask for a personalised illustration. A typical fee for Equity Release is £795.00.
A Lifetime Mortgage and may reduce the value of your estate and may affect your entitlement to means tested State Benefits. To understand the features and risks please ask Clifford Osborne to provide a personalised illustration.