The Equity Release Mortgage can be used to raise money for any purpose. For instance retired homeowners could increase their income if they have a small pension. Affluent customers could use the Equity Release Mortgage to reduce the value of their estates for Inheritance Tax purposes. People whose long term financial plans have been affected by divorce could use the mortgage to help restore their plans. They can be reassured that the mortgage meets the Safe Home Income Plans (SHIP) standards.
This means that with Legal & General Mortgages’ Equity Release Mortgage customers are safeguarded against negative equity and guaranteed to be able to live in their properties for the rest of their lives or until they permanently leave their homes, for example when moving into long term care.
No monthly payments are made on Legal & General Mortgages’ Equity Release Mortgage. Instead interest is compounded monthly and added to the outstanding loan to be repaid only when the mortgage itself is repaid.
Customers must be at least 60 years old and have a home worth at least £40,000 to qualify for Legal & General Mortgages’ Equity Release Mortgage.
