Equity Release from Aviva is a lifetime mortgage – a financial solution for your later years.
Aviva’s Equity Release is a solution available to veterans and forces friends and family. An award-winning equity release lender, Aviva has been in the Equity Release market since 1998, so you can rest-assured you are in safe hands.
What is equity release?
It’s a way of allowing you to unlock cash from the value of your home when reaching 55+ years of age. You can use some of the value of your house to give you a tax-free lump sum allowing you some options to pay off any outstanding loans, support your children with their futures, or simply enjoy your later years.
What is Aviva's equity release solution?
It’s a Lifetime Mortgage which is a long term loan secured on your property. You don’t have to make any monthly payments, instead interest is charged on the total borrowing and any interest previously added which quickly increases the amount you owe. The loan and interest are repaid in full, usually from the sale of your property, when you (and your partner, for a joint lifetime mortgage) die or go into long-term care, as defined in the Terms and Conditions.
A lifetime mortgage allows you to fund your lifestyle in your later years but you should always ensure you have looked at all the benefits, costs and risks before embarking on an equity release solution, as well as taking financial and legal advice.
Is it suitable for me?
Any financial decision requires careful thought and planning, but in order to be eligible for Equity Release you must be over 55 and own your own property worth at least £75,000. All applications are subject to Terms and Conditions.
What are the benefits of a Lifetime Mortgage?
- You are still the homeowner and you will remain the homeowner until the property is sold after you (and your partner for joint lifetime mortgages ) have died or gone into long-term care.
- Flexibility on receiving your money and making repayments allowing you to decide if you want a one-off lump sum of money or a smaller lump sum with access to a cash reserve to draw money from as and when you need it. . You will only have to pay interest on the money you actually borrow and there is the option for repayments (subject to terms and conditions) if you wish to make them.
- Select the option to guarantee some inheritance by allowing a percentage of your property’s value to be put aside (this will reduce the amount you can borrow)
- A no negative equity guarantee means that you won’t pass on debt to family or your estate once you die or move into long-term care as long as the property is sold for the best price reasonably obtainable.
- Deciding to downsize after taking out a lifetime mortgage isn’t a problem with Aviva’s downsizing protection. If your new home doesn’t meet the lending criteria you can repay the lifetime mortgage without early repayment charges (Terms and Conditions apply).
What should you consider with Equity release?
You will be leaving behind less inheritance for your loved ones
Tax and Benefits implications can be an issue as you may not be eligible for certain benefits and your tax position could change. A financial adviser will be able to help with your individual circumstances.
Interest is added to both your loan and the interest already added annually, which quickly increases the amount you owe. The full amount will be repaid, usually from the sale of your home, after you’ve died or moved into long-term care, subject to Aviva’s Terms and Conditions.
The Equity Release Lifetime Mortgage is a lifetime commitment. If you decide to end your lifetime mortgage early you will have to repay the loan and interest, and you may have to pay a substantial early repayment charge. A financial adviser will explain this to you.
How do I find out more?
To take out a lifetime mortgage you will need to seek financial advice. Aviva has selected Retiredom Equity Release to provide information and financial advice on Aviva lifetime mortgages. Retiredom are not employed by Aviva. Retiredom are responsible for the advice that they give. Complete the information on the equity release calculator and a member of the Retiredom team will be in touch. You can also call them on 0808 239 6085
About Aviva Equity Release
Aviva Equity Release UK Limited, Registered in England No 3286484. Registered Office:
Aviva, Wellington Row, York, YO90 1WR. Authorised and regulated by the Financial Conduct
Authority. Firm Reference Number 310433.
Trinity Insurance Services is introducing customers to Aviva Equity Release. If you take out a lifetime mortgage from Aviva, Trinity Insurance Services will receive £500 by way of an introducer fee.
About Trinity Insurance
- Our products are designed specifically for the Armed Forces Family
- We operate under the time honoured military values, service, loyalty, integrity and trust
- Over 20 years experience in the military insurance industry
- Quality protection for great value
- We will never sell you anything you don’t need
- No hidden charges