Partnership has received awards each year since 2009 for their equity release products. The Partnership Enhanced Lifetime Mortgage is one lifetime equity release plan offered by the company for retirees.
Partnership uses its underwriting experience from annuities to assesses client equity release needs based on health and lifestyle conditions including heart failure, high blood pressure, stroke, diabetes, cancer, and kidney failure. Partnership works with clients to fill out the health and lifestyle questionnaire with the aim of offering the maximum benefit allowable. Partnership has three other main products including payment of care fees, life assurance protection, and retirement income via pension annuities.
Criteria of the Partnership Enhanced Equity Release Plan
Partnership provides enhanced lifetime mortgages to single homeowners age 65. For joint applicants the youngest homeowner minimum age must be 70. The property must be in England or Wales with a minimum property value of £75,000. This enhanced mortgage provides a higher minimum tax-free initial lump sum payment of £25,000.
Individuals who drink, smoke, are overweight, or have a serious health problem may qualify for this ill health lifetime mortgage. The youngest homeowner is the only one to qualify for health criteria. Minimum and maximum loan to value percentages are based on individual assessments of health, property value, and age.
There is no drawdown facility attached; however, after six months of the initial lump sum a new valuation of property, paid for by the homeowner, may allow a secondary release of equity.
Unique Features of this Ill Health Mortgage
Medical underwriting uses a health and lifestyle questionnaire to assess the homeowners to increase the standard equity release lump sum. Underwriters calculate the percentage based on longevity with a fixed interest rate for the maximum release.
Partnership offers Inheritance Protection. A portion of the home can be set aside as a percentage for beneficiaries to receive upon the homeowner’s death. The percentage is based on final sale value.
The fixed interest rate rolls-up onto the capital sum for the term of the loan, which is when a person moves to long-term care or dies. Partnership will calculate life expectancy using age, health and award the maximum sum based on loan to value ratios.
Repayment is conducted at the time of death, move to long term care centre, or when the owner sells the home. Early repayment charges will apply based on Partnership Assurance calculations for potential lost revenue.
Partnership Equity Release Incentives
Partnership Enhanced Lifetime Mortgage has exclusive incentives including free unlimited valuation and no completion or application fees. This makes the Partnership Impaired equity release plan a low cost to market product with the highest maximum release based on health & lifestyles.