LV, or Liverpool Victoria are one of the most respected financial companies in the UK today, especially in the north of England and Scotland.
The concept of equity release has been around for more than 25 years, that’s exactly how long LV have been offering this kind of product for. Initially, it wasn’t met with a lot of trust, that’s because as a nation we believe our home is our castle, and we like to own our own homes. Also, it makes sense that once you hit retirement age, you don’t want to do anything that’s going to put your home at risk.
Recently, it’s really started to take off. In excess of 350,000 homeowners have taken the equity release route, which has amounted to over £17 billion in loans. So, by now, it’s really well established and more and more are seriously considering equity release.
If you are in the situation where you need some cash, perhaps because of an emergency, or tough economic times. It might just be that you want to enjoy your retirement or that your pension is not as much as you would have hoped it to be. Whatever the reason, you’re able to secure your home and leverage the equity in it, thanks to lifetime mortgages.
LV is really at the forefront of the equity release industry. They offer flexibility and stability. Applicants take out their lifetime mortgages without having to make any monthly repayments until you have either passed away or moved into long term care.
If you have a partner, a wife or husband, someone who owns the property with you, the equity loan is valid until both property owners have passed away or moved into long term care.
You always own the home. It’s not that you give up ownership and some financial organisation owns it, you own it 100%. In many cases, as with LV, you have the opportunity to even change home and take the equity release with you. You are also able to set up your equity release to include some equity left for inheritance. It’s your home.