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Use the FREE Enhanced Lifetime Mortgage Calculator
See how much cash you can get from your home.
Did You Know? Every 12 minutes a homeowner over 55 in the UK unlocks £91,667 tax-free cash.
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Are you a retiree and are suffering from any pre-existing health conditions? Are you a homeowner with an estate worth more than €70,000 and within the remits of the UK?
According to statistics, the number of health conditions increases as people approach their golden years. At least two out of three retirees have high blood pressure or have suffered from an acute heart attack. For that reason, ironically, having a history of medical conditions could be your best bet when taking out an equity release plan since you get to take out more capital than with other equity release1 mortgages.
By merely having pre-existing health issues, you can release more funds from the equity tied up in your home. Using the same underwriting as annuities2, your plan provider can use your life expectancy ration to determine how much you can get from your equity release scheme.
The enhanced lifetime mortgage or impaired lifetime mortgage is available if you one or more of a range of ill-health or lifestyle issues. These conditions vary from the health concerns you might be managing with prescription drugs. The conditions your lender will consider include:
Lifestyle choices like smoking or having a high body mass index also gets you qualified for the impaired lifetime mortgage plan.
Our Most Commonly Asked Questions
The enhanced lifetime mortgage or impaired lifetime mortgage plan offers you a considerable amount of cash or lower interest rates than the standard mortgages. The mortgage plan is a lifetime mortgage option that gives you capital from the equity tied up in your home. It’s designed for homeowners aged 55 and above.
You also have to own a home within the remits of the UK and with houses worth more than £70,000. Unlike other lifetime mortgage schemes, the enhanced mortgage allows you to access more cash if you have a poor health record.
You qualify for the enhanced/ill-health lifetime mortgage plan if you have any pre-existing health conditions, are 55 years and above and a homeowner with an estate worth more than 70,000 and in the UK. The mortgage scheme works on the underwriting principle that your life expectancy is likely to be lowered if you have experienced ill-health. Some of the ‘accepted’ medical conditions are:
- Parkinson’s Disease
- High Blood Pressure
- Medical complications like angina, heart attacks, among others
- If you’re a cigarette or a rolled tobacco smoker
Well, like most lifetime mortgage calculators, you can use the enhanced mortgage calculators to figure the amount you can get. You can do this by inputting:
- Inputting the value of your residence – which has to be in the UK and at least £70,000
- Inputting the age of the youngest homeowner – which according to the Equity Release Council5 (ERC) has to be aged 55 years
- Inputting your postcode – to help the lender figure out where you live
You’ll have to fill in the health and lifestyle questionnaire which will contain direct questions. It’ll help the lender determine the amount of cash you qualify for.
Well, several firms offer you an enhanced or ill-health lifetime mortgage. These include companies like:
- Just Retirement
To determine the amount of cash they can offer you with an enhanced lifetime mortgage, you simply have to input the following in the enhanced mortgage calculator:
- The value of your estate (which has to be at least £70,000 and within the remits of the UK
- The age of the youngest proprietor (which, has to be at least 55 years)
- Your postcode to indicate your residence’s location
These are the criteria plan providers use to figure out the amount of cash you can get from your plan. Unlike with the other traditional mortgages, with the enhanced lifetime mortgage, you also have to fill out an ill-health lifestyle questionnaire which will include direct questions.
If any of the ‘enquired’ conditions apply, then the lender will provide you with the necessary enhanced terms, based on the severity of your health status and the number of illnesses.
It’s vital to note that all plan providers have their criteria as to how they can increase the mortgage you need or lower your interest rates. So, don’t start worrying about your finances after retirement. If you’re property-rich and have any pre-existing conditions, then you can make all your dreams come true. You can get have some extra finances to help you cater for the hospital bills. It’s that simple!
Equity Release Calculators
How Much Can You Release?
Most people are using Equity Release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.
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