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Lifetime Mortgages article series, written by Chris Almond our Lifetime mortgage specialist. This is the fourth article in a dedicated series.
Why do I need to involve my family?
After you have read this guide it would be beneficial to encourage your family to read it and see what their initial thoughts are.
It is extremely important to involve your family when you make your decision on lifetime mortgages. Discussions with them may raise their attention to your financial situation and perhaps they could offer to help? They could also help you in understanding and reviewing any information that is provided and could give you an objective viewpoint on whether a lifetime mortgage suits your best interests.
At the very least, it is important to inform your family if you choose to release equity from your home, as this would reduce the value of your estate and their inheritance. You may be concerned that your family would disapprove of your decision.
However, recent research shows that when customers involved their family in their decision, they found that many children were supportive of their parents’ decision to take out a lifetime mortgage.
Children’s attitudes are clearly changing when it comes to their parents’ wealth as many of them have already ensured their own financial security. However, it is still important to involve them in your decision and a good adviser will be happy to include them in your consultations.
Why do I need specialist Lifetime mortgage advice?
Your adviser should be a qualified specialist
Your adviser should be a specialist lifetime mortgage adviser, as they will completely understand and be able to explain how the plans work and they will have an in-depth knowledge of all the plans on the market. They will also have completed extensive training on lifetime mortgages and will have achieved their lifetime mortgage qualification.
Such a big decision on your part deserves the best possible advice, which should be impartial, unbiased and appropriate for you and your needs in retirement.
What should I do next?
A lifetime mortgage is an important financial commitment. You need to be absolutely sure of what you are doing and your obligations and commitments before you go ahead.
Stage 1: Is a lifetime mortgage an option for you?
- Do you qualify? Are you and your partner over 55 and is your property worth £70,000 or more?
Stage 2: Is a lifetime mortgage the right option for you?
- Discuss it with your family
- Find out which is the best lifetime mortgage for you
Stage 3: Apply and complete paperwork
- Complete application forms
- An independent valuer will be instructed to ascertain the true property value
- Your solicitor will be instructed to start work
Stage 4: Receive your cash!
- In approximately 8-9 weeks from accepting an offer you will receive your funds from your solicitor
- Enjoy your retirement!
If you wish to contact Chris personally, please 02072 68 68 00 and he will happily assist in any way shape or form.
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