It is hard to believe but true, that a history of poor health could actually be beneficial to you. If you are looking out for an option to get some tax free cash through a re-mortgage of your property, then your lifestyle and the health status could be a major bonus. Similar to ethical nature as an enhanced lifetime annuity, the equity release industry has adopted the same approach as the fundamental basics of how the enhancement applies is similar to both of these products.
In essence, anything that could have an effect on life expectancy in the financial services
By making an application for new and swapping to one of the three current providers in the impaired equity release market could provide a bigger lump sum than you would otherwise have imagined.
The result of this bigger lump sum amount is that it could be used to now live the life as you want. With an enhanced lifetime mortgage you have the rights to live in your home as long as you are alive and enjoy the tax free cash released from the property without any headache of paying it back. This is effectively taken care of when you have died or moved into long term care and the property is sold in order to repay the loan.
A bad health status results in reducing your
You are entitled for this plan if you have a history of smoking, high blood pressure, multiple sclerosis, diabetes, Parkinson’s Disease, musculo-skeletal disorder and many more. If you have been diagnosed with any mental disorder such as hypertension, anxiety, depression or any other form of nervous sickness then you are eligible to get enhanced lifetime mortgage plans. It also considers the diseases such as Dementia, HIV, kidney failure, Hepatitis C, heart attack etc. The list, although not exhaustive, does cover many of the major illnesses that could curtail one’s life prematurely.
The various plans available in the market also give you options for inheritance protection. Therefore, you can elect to have a part of your property be mortgaged, while another part could be free for an inheritance to your legal heirs. More serious are your ailments, lesser is your life expectancy and the larger is the benefit in receiving the equity released from your property. The principle is borne from the same ruling and criteria laid down for enhanced annuities whereby a greater income can be derived should ill health exist. This scenario has now been extended to the lifetime mortgage and equity release market.
This is a good alternative for people beyond the age of fifty five years who see no reason why they shouldn’t live out the remainder of their years to the maximum. People who want to have an enhanced lifestyle, with the extra cash in their hands, without selling their property as long as they live or in the later stages decide to move on to some old age care home. You can do whatever you had planned and retire from life with the knowledge of fulfillment.
Our clients are satisfied with their new lives!
National Equity Release Pension Conference, Bath Street, Bakewell, Derbyshire, DE45 1BX.
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