Members of the Equity Release Council, More2Life follows the Code of Conduct when offering equity release products. They re-launched their products after taking a short break from the industry during the subprime mortgage debacle. With new products such as the Enhanced Lifetime Mortgage, More2Life which is owned by Key Retirement Solution Group adheres to the Financial Conduct Authority regulations and ensures their products are competitive.
More2Life’s Enhanced Lifetime Mortgage is designed for individuals with ill health, who may need more money from their property than standard lump sum mortgages can provide.
Further Criteria of the More2Life Enhanced Option
More2Life takes into account health and lifestyle choices including smoking, obesity, diabetes, high blood pressure, cancer, and heart failure. The more serious an illness is then generally the more money that can be released.
No medical examination needs to be taken, however More2Life will invariable write to the GP requesting clarification of the records noted. There are no monthly repayments with this loan. The loan plus any compounding interest is repaid when the property is sold. Clients, who are eligible and wish to, can make this lump sum mortgage for ill health one with a drawdown cash reserve facility.
The youngest homeowner must be 55 years of age. There is no age limit for over 55s. The property must have a minimum worth of £60,000 with a maximum value of £1 million. An initial lump sum required is £15,000. This ill-health lifetime mortgage has a no negative equity guarantee as per the Equity Release Council rules, where the loan amount plus interest cannot exceed the current home value over the life of the loan.
Unique Features of this Ill Health Mortgage
There is a drawdown feature attached to this equity release plan which allows individuals to take a minimum lump sum for the first 12 months, and then a minimum of £5,000 further withdrawals in the future. This will be subject to an overall maximum cash reserve facility which will have been computed at the outset of the plan.
More2Life offers Protected Equity Guarantee in which a percentage of the home can be protected as inheritance for homeowners’ beneficiaries. This guarantee needs to be added in the beginning and is allowable when the loan to value percentage, less inheritance protection will not equal more than the home equity when interest is added.
Repayment is at death or upon moving into a residential care facility, where the home is sold to make the payment. The final payment will be a one-off lump sum calculated at the original capital borrowed (plus additional drawdowns), plus interest accrued to the date of repayment. No early repayment charges can be levied if full & final repayment is upon the homeowners death or moving into care.
More2Life Equity Release Incentives
More2Life offers free valuations plus upto £2,000 cashbacks upon completion of the lending process as incentives. There are varying sizes of cashbacks dependent upon age.