Just Retirement provides two equity release products including the ill-health Lump Sum Plus lifetime mortgage. This financial product is designed for cash poor, but asset rich clients. They are able to take out a mortgage against their home’s equity in return for usable funds during retirement. Just Retirement offers seven years of professional and competitive experience in the equity release industry.
The Lump Sum Plus plan is designed for homeowners with impaired health. Just Retirement created this mortgage to help homeowners receive a larger than standard lump sum. There is a standard plan with a larger lump sum and an enhanced version where underwriters assess health, similar in principle to enhanced annuities.
Criteria of the Just Retirement Lump Sum Plus Option
The standard Just Retirement Lump Sum Plus plan provides a larger lump sum than Just Retirements standard roll-up lifetime mortgage. The enhanced plan, which is for impaired health will assess if the lump sum can be larger due to health issues than the standard plan.
The enhanced version is beneficial for individuals who need the maximum amount of equity released as is possible due to severe health issues. The interest rate is fixed for the whole term of the mortgage. This rate is determined by age and property value. Before the loan is awarded a health and lifestyle questionnaire needs to be filled out for assessment. The answers are compared with past medical records and f accurately the Just Retirement underwriters will gauge risk & allocate a maximum equity release figure.
Just Retirement Lump Sum Plus for ill health plans start at age 60. If applying, as joint ownership the youngest homeowner needs to be at least 60 and have a health condition such as heart failure, obesity, smoking lifestyle, diabetes, cancer, high blood pressure or another health issue.
Just Retirement sets the minimum property value at £70,000, where a minimum tax-free lump sum of £10,000 must be taken. This plan is available for residents of England, Scotland and Wales only.
Unique Features of this Ill Health Mortgage
Just Retirement will add their application fee to the loan amount which can help those looking for the maximum release of equity that is possible.
Repayment is due at the end of the term, which is considered death, main residence property sale, or move to a long-term care facility. At this time compounded interest and capital sum must be paid in full.
Just Retirement Equity Release Incentives
A free valuation incentive is provided with the Just Retirement Lump Sum Plus.