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site brought to you from Independent retirement specialists Advice on Money

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Home Income Plans

This form of Lifetime Mortgage allows you to mortgage a percentage of your property in return for regular income for the rest of your life.

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Home Income Plans

Under this type of Lifetime Mortgage you mortgage a percentage of your property to a provider who in return gives you an annuity (a regular income for the rest of your life based on your age and sex).

Whilst like an ordinary mortgage the lender will expect monthly repayments of interest unlike an ordinary interest only mortgage you will not need to find the monthly repayments out of your existing income, but it will be automatically deducted from the annuity payments each month. This means you will only ever receive a net monthly repayment each month, but at least, unlike a lifetime roll up mortgage, the debt will never increase.
Due to tax relief on mortgage payments no longer being available and the low rates offered on annuities you currently need to be 80-85 at the outset for these schemes to prove attractive.

This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration

Understand the advantages and disadvantages of a Home Income Plan

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At Advice on Money we are always happy to give impartial financial and mortgage advice to help people make the right decision. This site gives details about Lifetime Mortgages and alternative equity release schemes. If you would like to contact us to discuss the suitability of a Lifetime Mortgage or indeed any other form of equity release then you can do so by calling 0800 970 4882 or emailing enquiries@adviceonmoney-ifa.co.uk

Advice on Money
8a Richfield Avenue
Reading
RG1 8EQ

Tel: 0118 958 6421

Fax: 0118 958 8431

e-mail:
enquiries@adviceonmoney-ifa.co.uk

Principal:
Keith Hargraves.

Advice on Money is an appointed representative of Sesame Ltd, which is authorised and regulated by the Financial Services Authority. Sesame is entered on the FSA register (www.fsa.gov.uk/register/) under reference 150427.

The information contained in this web site is for general information only and is not financial, investment or tax advice. It is also subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. If you would like to discuss a particular issue or generally ask us how we can advise on your particular situation then please contact us.

For researching and arranging the best scheme for you, we will charge a fee on completion usually 1.5% of the amount released or facility arranged with a minimum of £795.