Lakeviewfs Reviews 0

Written by the company

Lakeview Financial Services Ltd is a family owned and run business by Liz and Terry Hayes. We have been in the mortgage industry for over 20 years and in that time have helped hundreds probably thousands of people with mortgages, life insurance and more recently lifetime mortgages. A lifetime mortgage is a type of equity release product available to homeowners, typically aged 55 and over, allowing them to access a portion of their home’s value as a tax-free lump sum or in smaller, regular withdrawals. Unlike traditional mortgages, no monthly repayments are required. Instead, interest is added to the loan, which is repaid when the homeowner passes away or moves into long-term care. Key features of a lifetime mortgage include: Retaining Home Ownership: The homeowner remains the legal owner of the property. No Mandatory Monthly Payments: While some plans allow voluntary interest payments, the loan typically grows over time due to compound interest. Loan Repayment: The total amount, including accrued interest, is repaid when the property is sold after the homeowner’s passing or move into care. Inheritance Considerations: The remaining equity after repayment may be passed on to heirs, but the debt can significantly reduce inheritance. No Negative Equity Guarantee: Most lifetime mortgages come with this guarantee, ensuring heirs will not owe more than the home’s sale value. Lifetime mortgages can provide financial flexibility for retirees, but they should be carefully considered with financial advice, as they impact inheritance, benefits eligibility, and long-term financial plans.See more