: FREE valuation plus upto £2,250 cashback payable on completion | This product comes with a maximum drawdown facility if required
More2Life has offered products for quite a few years relating to the equity release industry. Their products are designed for retirees over 55 years of age. The company has an award winning track record for their lifetime mortgage products like the Enhanced Lifetime Mortgage, which is also a drawdown equity release plan. This mortgage is backed by Partnership Assurance as are many of the More2Life plans.
Features and Benefits
This is both a drawdown lifetime mortgage and enhanced equity release plan. It is provided to homeowners aged 65 or older. There is no maximum age limit for this type of loan from More2Life. Borrowers will need to fill out a health and lifestyle questionnaire to ascertain if there is one or more ailment requiring an enhanced tax free lump sum.
The property needs a minimum value of £60,000, with a maximum of £1 million value allowed.
There are no medical examinations required for any applicant; however More2Life may need to write to the equity release applicant’s doctor for confirmation of the information submitted. Additionally the loan amount is based on ailing health making it a larger lump sum than the typical released amount. All interest and the principle sum is repaid at death or move to a care facility. As a drawdown lifetime mortgage there is a cash facility set up. This facility allows for future withdrawals upto the maximum amount. Interest is only added to the funds withdrawn in the initial lump sum and all further withdrawals.
The initial equity release lump sum is enhanced, which means the interest rates tend to be higher than a regular lump sum or drawdown lifetime mortgages. The rates are still fixed for the initial sum. For future withdrawals the rates are fixed at the current market rate.
There is a no negative equity clause built into the loan. This clause stipulates no more assets over & above the value of the home can be used to repay the loan and interest. This protects any funds kept out for inheritance.
More2Life offers instant underwriting with a seamless equity release application process.
Options to Add to the Plans
More2Life provides a protected equity guarantee or inheritance protection to homeowners that want it. This protection ensures a portion of the home is kept out of the calculations. This means the homeowner’s heirs will receive cash upon the sale of the home.
More2Life offers free valuation with an option to receive up to £1000 in cash back. The cash back is awarded upon completion of the loan paperwork. There is a maximum enhanced drawdown facility provided which will be greater in size than any standard equity release drawdown plan.