WHAT ARE THEY ALL ABOUT?
It is a well known fact that people are now living longer than ever. We have a much healthier diet, we exercise more and take a much keener interest in life than say our grandparents did. We want to enjoy our lives, even when we are in our eighties and nineties and why not?
WHAT A LIFETIME MORTGAGE COULD DO FOR YOU!
A lifetime mortgage will give you the opportunity to release some of the equity from your Spanish home for you to do with as you wish. This could give you the resources needed to enhance your lifestyle and do some of the things you have been dreaming of. Maybe that world cruise you have always promised yourselves or maybe a brand new car. I am sure your list is endless with all the things you would love to do if you had the money. Well, now you can by letting your property pay you back for all the years of hard work you have put in, creating it. The Lifetime Mortgage is not tied to any investment product.
HOW THE LIFETIME MORTGAGE WORKS
The Lifetime mortgage allows you to release equity some of the equity from your Spanish home, enabling you to borrow money as a single cash lump sum. You are able to use this money for any purpose and it does not have to be repaid during the life of the mortgage. You will make NO monthly repayments. Instead, the interest compounds and is added to your mortgage each month.
The mortgage is secured on against your Spanish property and the amount you owe and the interest due is only repaid from the sale of your property when you pass away, or permanently move out of your home. A practical way of unlocking some of the value that has built up in your home without having to move. You are not selling or giving away a share of your home, and therefore you will retain full ownership of it, and as the owner you can continue living in it for as long as you wish.
If you are borrowing with your spouse or partner, the mortgage will only need to be repaid following the last surviving partner dying or selling the property. The excess of the sales proceeds over the amount required to repay the Lifetime mortgage belongs to you.
The Lifetime mortgage is available to UK, Irish and European Union nationals, if they speak and understand English and who own their own home in mainland Spain and the Canary Islands or the Balearic Islands. If you currently have an outstanding mortgage, this will need to be repaid either before or at the same time that your new Lifetime Mortgage begins.
The minimum age at entry is now 65 years for each applicant. (w/c 19th Jan 2009)
You will remain the owner of the property so you are within your rights to sell it or move to another property at any time.
NO NEGATIVE EQUITY GUARANTEE
In the event of your home being sold for less than the value of your mortgage and the interest owed, you or your beneficiaries will not be required to make up the shortfall. This guarantee provides prospective clients and their future beneficiaries with complete peace of mind.
Spanish Mortgages Solutions. Please feel free to contact us with any question without obligation.
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I am interested in lifetime equity release and would be pleased to receive details. I have a property in Costa Blanca Spain value 280,000 to 300,000 euros. I am 73 years of age.
Regards,
Barry Winterbottom