If you’re over 55 and have a bit of equity tied up in your home, you might be interested in this news! LiveMore, a company that offers special mortgages for older homeowners, has just reduced their rates. This means you could unlock more of your home’s value and use it for things like topping up your retirement income, paying off debts, or even treating your loved ones to something special!
What are Lifetime Mortgages?
Lifetime mortgages, sometimes called equity release mortgages, are a way for homeowners aged 55 and over to access the money tied up in their homes. You borrow against the value of your home and then pay it back when you pass away or move into long-term care.
LiveMore’s New Rates
LiveMore offers a few different types of lifetime mortgages, and they’ve just reduced their rates on two of their most popular options:
- Lifetime Mortgage – Lite: This rate has been cut by 0.29% from 5.78% to 5.49%.
- Lifetime Mortgage – Standard: This rate has been reduced by 0.25% from 5.93% to 5.68%.
This means you could get a bit more money out of your home, or pay back less interest over the long term.
Who Can Benefit from a Lifetime Mortgage?
Lifetime mortgages can be a great option for people who want to:
- Boost their retirement income: Use the money to supplement your pension and enjoy a more comfortable retirement.
- Pay off debts: Get rid of any outstanding debts, like credit cards or loans, and start your retirement debt-free.
- Fund home improvements: Make your home more comfortable and enjoyable with some much-needed renovations.
- Help loved ones: Use the money to provide early inheritance for your children or grandchildren.
- Prepare for future care costs: Set aside money to cover potential care costs as you get older.
Important Things to Remember
It’s vital to understand that a lifetime mortgage isn’t the right choice for everyone. It’s important to get independent financial advice to make sure it’s suitable for your individual circumstances.