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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.

Learn More: Interest-Only Equity Release Calculator

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:

• Diabetes
• Parkinson’s Disease
• High Blood Pressure
• Medical complications like angina, heart attacks, among others
• If you’re a cigarette or a rolled tobacco smoker

Learn More: Interest-Only Equity Release Calculator

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.

Learn More: Interest-Only Equity Release Calculator

Well, several firms offer you an enhanced or ill-health lifetime mortgage. These include companies like:

• Aviva
• More2Life
• Just Retirement

Learn More: Best Equity Release Companies

To determine the amount of cash you’d get from the interest-only mortgage, you have to use the interest-only calculator. So, you have to input:

• The value of your residence – which must be in the UK and worth more than €70,000
• The age of the youngest applicant – which should be at least 55, according to the Equity Release Council
• Your postcode – to determine where you reside

These are the criteria that most mortgage providers use when figuring out how much equity you can borrow.

Therefore, don’t worry about the amount you’ll leave your family after taking out an equity release plan. With the interest-only mortgages, you can pay up the interest monthly, get to fund those kitchen renovation plans and still ensure that your heirs get a substantial amount of cash after the loan is repaid. Isn’t it the best mortgage option?

Learn More: Interest-Only Equity Release Calculator