Enhanced lifetime mortgages are becoming increasingly more popular in today’s equity release marketplace. For those who suffer from a variety of different health and lifestyle conditions, an enhanced lifetime mortgage scheme can offer better rates, better options, and higher borrowing amounts than typical lifetime mortgage schemes.
More2Life is a lender that is owned by Key Retirement Solutions. The plan offers an enhanced lifetime mortgage product to those homeowners looking to maximize their borrowing power. This particular lender prides itself on creating lifetime mortgage schemes that work to best benefit their borrowers. By taking into account the lifestyle choices and health conditions of homeowners, More2Life is able to provide a unique lifetime mortgage option through its Enhanced Lifetime Mortgage.
There are several factors that are taken into account when applying for the Enhanced Lifetime Mortgage offered by More2Life. These include gender, lifestyle, age, health, and property value. In order to qualify for this particular product, homeowners must answer a number of very simple and straightforward questions to help identify their particular health conditions and lifestyle choices that may make them eligible for the product.
There are several features that make this product very unique, even when compared to the other enhanced lifetime mortgages currently offered in the marketplace:
• No monthly repayments. Homeowners are not required to make regular or monthly payments over the course of their loan term.
• More Funds. Certain health conditions and lifestyle choices can be taken into account which can mean that more funds are available for release.
• No negative equity. This is a guarantee made by More2Life. It essentially means that if the home is eventually sold for less than the amount of money owed on the loan, More2Life will not hold the estate in the negative, provided the home was sold for a reasonable amount. That means that no homeowner, or their beneficiaries, will end up owing more than the home is actually worth.
• Future borrowing. There is an option to borrow more in the future, should the homeowner need to do so. This future borrowing would be contingent on the lending criteria at the time.
The more2life enhanced lifetime mortgage is the only impaired equity release plan that offers a drawdown facility. In practice, more2life will initially calculate the maximum equity release amount available. From this the client can select how much they initially require. The remaining amount is then held in reserve & can be taken at any time in the future, whenever the need arises. More2life do charge an admin fee of £99 for each additional withdrawal, but no valuation or solicitors fees are necessary. The benefit of the drawdown enhanced equity release plan is that only the amount withdrawn is charged interest. The funds in the reserve facility are not, until they are withdrawn & the interest rate applicable will be the going rate at that time of withdrawal, & then fixed for life.
The Enhanced Lifetime Mortgage offered by More2Life can be a very useful product for those homeowners who suffer from medical or health conditions that may shorten their lifetime. Because of those conditions, homeowners can qualify for higher releases of cash, which means that they are able to best enjoy their retirement years and are able to stay living in their home either until they move into permanent long term care or pass away. There are several other unique features that may be available during the application process for this product including a free valuation and cashback option.