Lifetime Mortgage: Eligibility
| Money : Mortgages To be eligible for a lifetime mortgage, various conditions will apply. The obvious one is that you will need to own a home or property against which you will be lent the money and then need to repay the interest upon sale of the property at the appropriate time! Above and beyond this, the key criterion is to do with age. Whilst for not all schemes, the vast majority will have a lower age limit of 60 on. The other important requirement will of course be with regard the mortgage on the property - you will be required to have either paid this off in full or to have paid the majority of the mortgage, to be considered for this equity release mechanism. Finally there may be valuation and legal fees for you to pay when taking out this equity release scheme, so be sure to ask about this and have the plan explained clearly to you before deciding anything and whether to proceed or not.
 Questions about equity release:
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