If you take out a Lifetime Mortgage, you can choose to receive your funds in a lump sum or in smaller, regular amounts. This may be helpful when, for example you have a short-term need for a capital lump some, perhaps to make a purchase, or to help prepare your home for later life living, or where you are perhaps thinking of yours and your partners later life care costs.
With a draw down Lifetime Mortgage you will only pay interest from the point at which you access monies. There may also be an option available to increase the amount you have borrowed as and when you want to, up to the maximum limit agreed with the plan provider.
If you are considering an Equity release Lifetime mortgage, there are many things that you will need to consider and to understand.
For a no obligation conversation with an Equity Release Adviser: