Hodge Lifetime are pretty unique for the mortgage industry, they focus predominantly on financial products for people over 55 years old. This is one of the reasons Equity Release Scotland rate them so highly as a lifetime mortgage provider.
The concept of equity release has been around for 25 years, but originally it was not trusted. We are a nation who believe in owning their own home. Having said that, equity release has become increasingly popular. 350,000 homeowners have taken advantage of equity release of their home that totals over £17 billion in loans.
The great thing about owning your own home is the security that comes with the equity in the property. The frustrating thing is, often that equity is only released if you sell the property or your family benefit once you have passed away. In today’s tough economic times, pensions are not stretching as far as we would wish, many people would be choosing to downsize or take lodger just to survive.
That’s what a lifetime mortgage offers. It gives you the access (to the equity in your home) without putting your home at jeopardy. Which is vital for retired homeowners, they need stability.
Hodge Lifetime offers a selection of equity release products, including lifetime mortgage. There are no monthly repayments required throughout the lifetime of the loan. That means once the equity is released, you don’t have any other financial obligations until you pass away or go into long term care, and the final repayment is due.
The key to Equity Release Scotland is that you will always own your own home. At no point is that ever in jeopardy. You could literally live to well over 100 years old and never have to worry about your home. Only when you (and your partner if it’s appropriate) have passed away, or have entered long-term care, will you be expected to make a full repayment on the loan.