Just Retirement has specialised in retirement products including equity releases for over seven years. The Lump Sum Plus lifetime mortgage is designed for consumers who need access to the maximum loan amount from the equity tied up in their property.
Details of the Just Retirement Enhanced Product
Eligibility is based on age, property type, valuation, and any health issues. Plans start at age 60 and over. Consumers who own their home, with none or little mortgage can qualify. The property must be their main residence and the property is only acceptable to consumers living in Scotland, Wales, and England.
The property must be standard construction with a certain property value. As property values can appreciate and depreciate, criteria for home worth is subject to change.
Under this plan consumers can access a maximum of £600,000 in England, £250,000 in Scotland and Wales. The minimum borrow amount is £10,000.
Further cash advances are not guaranteed, but are allowable on a case-by-case basis starting 6 months after the Lump Sum Plus is provided to the homeowner. The interest rate is fixed for the initial lump sum, and subsequent withdrawal options may be at a different rate.
Features of the Lump Sum Plus
This is a standard loan to value lifetime mortgage, with higher fixed interest rates compared to other Just Retirement plans. The interest rate is higher as there is a potential to borrow a higher amount of equity based on enhanced loan terms.
Individuals with ill health can access a higher maximum value for a competitive fixed interest rate. Just Retirement offers underwriting and experienced actuarial members to take into account all aspects of a retiree’s needs.
Just Retirement require completion of their health and lifestyle questionnaire which ascertains any health conditions the youngest homeowner may have that could increase the maximum potential loan amount. Just Retirement’s Health & lifestyle questionnaire is a more detailed form than standard enhanced lifestyle questionnaires.
Repayment of the loan is required when consumers move into a long-term care facility permanently or at the time of their death. If the loan is jointly held, the last surviving member of the family on the loan document repays the loan. This is in the event one partner moves to a long-term care facility or dies before the other.
Loan terms are based on the youngest homeowner including any ill health parameters that may increase the lump sum amount awarded. The Lump Sum Plus lifetime mortgage has a maximum sum amount; however, consumers do not have to take the maximum sum if they only need a small percentage.
Just Retirement Enhanced Incentives
Just Retirement currently offers FREE unlimited valuations on all properties.