What is an Enhanced Lifetime Mortgage?
Enhanced lifetime mortgages are offered to those in poor health as they take any medical concerns into account.
They are no different to other lifetime mortgages but may have several enhancements, like the ability to release more tax-free cash from your home. For this reason, they are sometimes referred to as medically enhanced or impaired lifetime mortgages.
As well as releasing more money than a standard plan, some plans also offer beneficial rates. Of course, these amounts vary by lender and will depend on your circumstances, age and illness.
Generally, they are for homeowners aged 55 and over who reside in the UK and have certain medical conditions or a lifestyle, such as smoking. Get in touch if you’d like to understand if your situation would fit the criteria below.
The lenders would offer such a plan to those with such conditions due to their life expectancy calculations – they would expect to be repaid on their loan sooner, although this is not always the case.
The age of applicants is also a factor, with younger borrowers with health conditions finding that maximum loans can be substantially more with an enhanced plan.
How Much Money Can I Release?
To find out how much you may be able to release, put your age and property value into the calculator above for an instant result.
If you and your partner are in good health, we recommend you try our standard calculator for equity release – no personal details are needed.
Am I Eligible for an Enhanced Equity Release Plan?
You’re likely to be eligible for a medically enhanced equity release plan if you can answer ‘Yes’ to the following questions.
Medical Conditions
Here are some of the most common conditions and illnesses which are considered for an enhanced plan:
- Heart conditions such as Angina.
- Smoker
- High body mass index (BMI)
- High blood pressure
- Diabetes
- Cancer
- MND, MS / Parkinson’s or other debilitating diseases
- Type of medication etc
Not sure about these questions?
Request a callback and arrange a no-obligation call from one of our equity release specialists.
Equity Release: Things to know
- You Need Financial Advice – Equity release plans require advice and are regulated by the FCA.
- Inheritance – Equity release can affect the estate you’ll leave behind.
- Roll Up Interest – With most plans, interest is rolled up and will compound over time.
- Benefits – Equity release can affect any means-tested benefits you receive.
- Long-term commitment – An equity release mortgage lasts for your lifetime, or when you enter long-term care – there are early repayment fees which can be high.
