The Canada Life (formerly Retirement Advantage) Lifetime Mortgage has the option of a cash lump sum or a drawdown to allow you to take further lump sums as and when you need them.
Minimum age – 55
Maximum age – 90
Available to home owners aged between 55 and 90 at the point of application.
Cashback available – Yes
Up to 3% of the initial loan.
Drawdown available – Yes
Medically enhanced plans available – No
Inheritance Protection available – Yes
Inheritance protection must be selected before the application is made.
Voluntary overpayments – Yes
Up to 15% of the initial loan. Minimum payment of £50 per payment with no maximum number of payments.
Early repayment charges
Fixed early repayment charges for the first 8 years.
5% of the initial loan amount – years 1 – 5
3% of the initial loan amount – years 6 – 8
0% after year 9
A Lifetime Mortgage allows you to release a tax free cash lump from your home to spend and use as and how you wish. There are normally no repayments to make to the loan with the interest being added to the loan each month. The interest rate is normally fixed for the life of the loan and the loan is only repayable when the property is sold, which normally happens when you die or go in to long term care. In the case of joint applicants this normally happens when the second applicant dies or goes in to long term care.
Please contact us to today for more information on the Canada Life Lifetime Mortgage. We are completely independent Equity Release advisers and will recommend a plan from a provider that suits you best. We will compare all providers in the Equity Release market to ensure the plan we recommend meets your personal requirements.