The Lump Sum Plus lifetime mortgage offered by Just Retirement can be the perfect solution for those consumers who are looking for a way to access the largest possible share of the money locked up in their home. If you are looking to cash in on the biggest portion possible of your home value, the Just Retirement Lump Sum Plus option may be just the right fit. This extra cash can help with everyday expenses, paying off debt, or even making home improvements.
The Lump Sum Plus product currently offers two different tiers of loan-to-value (LTV):
1. Standard LTV. With this option, you are likely to incur a higher interest rate. However, in return you are able to access a larger lump sum than you typically would.
2. Enhanced LTV. This option might be able to enable you to borrow an even bigger amount based on your particular lifestyle conditions and choices as well as any medical conditions you may have.
The interest fate is fixed when you take out the loan and it is guaranteed to remain fixed, regardless of how interest rates may fluctuate in the future. The interest you will incur will be that which is charged on the lump sum that you receive and will then accumulate on a compound basis. You are only required to pay back the loan and interest once you have passed away or have moved into long term care on a permanent basis. This repayment will of course take place upon the sale of the property. There are no other repayments that need to be made on the money that you borrow.
In order to qualify for the Lump Sum Plus lifetime mortgage offered by Just Retirement, you must be at least 60 years old and your home must be valued at a minimum of £70,000. There are a number of factors that will be taken into account when it comes to LTV but the percentages range from 24.5% to 52%. When determining your LTV, your age, health and property value will be taken into consideration. To qualify for the enhanced lifetime mortgage version, then a lifestyle questionnaire will need to be completed, with which the Just Retirement underwriters will base the enhanced quotation.
This product is perfect if you are in need of a higher amount of cash in a lump sum payment. If you do need access to money to help fund your retirement, a product such as this can prove invaluable. There is also a no negative equity guarantee that comes with the Just Retirement Lump Sum Plus lifetime mortgage. This can leave you resting assured that your estate will never be left in the negative following the sale of your property.