Retirement Advantage Equity Release Plans

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Retirement Advantage Equity Release - Lifetime Mortgages

Retirement Advantage offers something a little more unique when compared to the general insurance and mortgage providers. They specialise in financial products for customers of a retirement age and one of their flagship products is lifetime mortgages.

Their range of lifetime mortgages has all the features and benefits you should demand, and then some. You have the facility available to have a large lump sum, or to have a cash reserve facility in place to access cash, to a fixed amount, as and when you need it.

Additionally, you have the flexibility to move home, to repay the mortgage early and to have guarantees in place, such as an inheritance guarantee and a negative equity guarantee. These are the kinds of benefits that allow customers to have the peace of mind and feel that they control their life, not that it’s controlled by their mortgage.

Retirement Advantage can trace their history back to 1852. They started life as The Marine and General Mutual Life Assurance Society, also known as MGM Assurance. They started as life insurance for sailors during a time when water was considered a toxic element and teetotal sailors were made to pay a premium.

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They’ve been in the business of providing life insurance and similar financial products for well over 150 years and have a solid reputation. In 2015, they decided to focus on providing services for customers at a retirement age and changed their name to Retirement Advantage without losing any of their expertise.

It’s important that you choose a mortgage provider that is stable and offers peace of mind. With nearly 200 years of expertise, you know you’re in safe hands with Retirement Advantage.

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Frequently Ask Questions

Actually, yes.This feature is to help cover the costs incurred when setting up the mortgage. For example, if you were to take out a lifetime mortgage that has a cash advance of £40,000, then you could expect cashback of £1000 or more.

The cashback is not going to be added to your overall loan balance. When you repay your mortgage, it will not be added to the repayment amount. The interest rate will see an increase of 0.1% to cover the monthly interest.

Some customers really appreciate the flexibility of being able to borrow money in the future. With Retirement Advantage you can choose to have a reserve facility that allows you withdraw cash on your lifetime mortgage.

What’s great is that no interest is charged on any revenue in the reserve, you are only to pay interest on the amount of cash you borrow and the additional interest is just 0.2% on top of your normal interest rate.

Of course. The lifetime mortgage offered by Retirement Advantage allows you to protect a percentage of the equity of your property that allows you to guarantee a minimum amount of inheritance.

Of course housing prices fluctuate, but in most cases, you’d be in a position to give more than your guaranteed amount to your beneficiaries. This is a free option that customers can take up.

Absolutely. For complete peace of mind, Retirement Advantage guarantees that when your property is sold, your beneficiaries will never be required to cover any negative equity. They will receive the inheritance of any amount that is remaining when the mortgage is paid, but not face any shortfall.

Just because you want to release some of the equity in your home, it doesn’t necessarily mean that you want to be stuck in the property until you die. You actually get that flexibility with Retirement Advantage, because you can transfer the mortgage to another property assuming it meets some simple criteria.

The concept of a lifetime mortgage is a long term commitment but just as flexibility is needed in changing homes or having equity available in reserve, likewise you need to be able to make repayments early. The mortgage can be repaid at any time, either in full or in part, the only limitation is that there is a minimum of £10,000 remaining.

Repayment charges vary, depending on when the repayment occurs. Currently, the repayment charges stand at:

Years 0-5: 5% of the initial advance

Years 6-8: 3% of the initial advance

Years 9+: no charge on any early repayments

As a business, the lifetime mortgage is designed to last the customer’s lifetime, and any repayment means Retirement Advantage will make less profit, that’s why there are fees for early repayment. However, they have made all fees completely transparent and easy to follow.

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Our Guarantees

Why you should always choose a product from a lender approved by the Equity Release Council

Guarantee 1

equity release council logo approvedYou have the Right to Remain in your Home for as long as you choose

Guarantee 2

equity release council logo approvedYou will NEVER owe more than the value of your home due to the "no negative equity" guarantee.

Guarantee 3

equity release council logo approvedYou have the freedom to move to another property without financial penalty (subject to provider criteria)

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0131 644 3664

You can contact us by calling 0131 644 3664 or 0333 360 1958 or using our contact form

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