Seekers of equity release plans have been having some real tough moments deciding on the most suitable plans as relayed by various lenders. The contest has been mainly on the interest part, where lenders have improvised self-sustaining equity calculators to facilitate their own financing through the valuation of assets brought forward by borrowers. Even though there are several equity release plans on offer, it has been difficult for borrowers to understand each one of them in detail, given how lenders are making hidden adjustments not pre-stipulated on the contract terms. Whether you look at Stonehaven interest only lifetime mortgage or a different company always keep in mind that you can speak with an adviser.
Stonehaven interest only lifetime mortgage comes as a different kind of lender where borrowers have something to smile at last. They are in a position to safeguard savings for the generations to come through the tailor-made financing plan. Beneficiaries of this scheme have the option to decide on the amount they are willing to pay in interest, and also the period of paying.
Better still, borrowers can buy out part or the full interest paid by making payment using the same principal amount awarded for mortgage. This gives them full control of their equity as they will have to worry about other issues other than interest levies. The Stonehaven plan also gives the borrower the chance to make adjustments with progressive payments in case they have a flowing income which can sustain the monthly interest requirement.
In the event of death, there is no chance that the beneficiaries of the mortgage will have any debts passed over to them by the lender. The amount received by Stonehaven as the lender must be the real valuation of the asset so there is no way those beneficiaries will be required to make additional payments besides what had been stipulated earlier.
This is a plan with a difference in the sense that inheritance is possible and swift. Grandchildren or any other inheritors of the same property will not be forced to pay any extra amount no matter the situation. The only time they will be required to adjust payment is the same set period where the contract clears that an adjustment of a small percentage has to be effected after a certain period of time.
In other words, before the contract is signed and if the market changes adjustments might be made. They will be small and based on the economic situation, as well as, the borrower. Once the contract is signed there will be no changes unless the borrower agrees or decides to back out of the agreement based on the time allowed. After signing a mortgage there is a small period in which the money can be repaid in full, without penalty to end the agreement.
Stonehaven interest only lifetime mortgage plans are some of the most flexible options in the market. Besides the above mentioned factors, you will need to consider other qualifying questions you will be asked.
The loan application will need your age, health, and address written down. The application will also ask for your full name and any names you have used before. This information is to assess your current situation and whether the lifetime mortgage is right for you.
Under certain plans you can be 55 years old or older to apply. You also have to own your home in full. There are select plans that allow you to have a mortgage already on the property; however, this would mean starting a second mortgage and creating a financial issue later on. It is certainly best to own 100% of your home.
When you reach the age of long term care and wish to move into a facility, you will need to pay the principle balance back if you have not already done so. This could mean a sale of your family home, which is often something a person wants to protect for their beneficiaries. Even if the home is sold the value minus the mortgage principle is paid to your beneficiaries.
Since you are looking at the Stonehaven interest only lifetime mortgage the interest will already be paid. It is a more ideal concept than allowing your interest to compound especially if you have the funds to pay the interest back. This type of policy does not work for all. Speak with a Stonehaven financial adviser and an independent adviser to see which plan in lifetime mortgages may be the best for you. Click here for more info.
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National Equity Release Pension Conference, Bath Street, Bakewell, Derbyshire, DE45 1BX.
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