The process

How do I take out a lifetime mortgage?

If you're interested in taking out a lifetime mortgage, we've explained what is involved for you below.

It's worth noting that before you take out a lifetime mortgage with Retirement Advantage, you will need to seek financial advice. Your financial adviser will ensure that you fully understand the features and risks of the product and they will help you make your decision.

A lifetime mortgage typically takes between 8 -12 weeks to complete, but it can be quicker. This usually depends if the case is straight forward for your solicitors, or if they need to do some additional legal work (for example, amending the Title Deeds).  

Step 1: Research

Before taking out an equity release product it’s important to research all of your options, to make sure it’s the right choice for you. Alternatives to equity release, such as downsizing or using savings, could be more suitable.

Step 2: Talk to your family

As a Lifetime Mortgage could affect your family, we encourage you to talk to them before making a decision.

Step 3: Talk to a financial adviser

If you have considered your options and are still interested in equity release, you'll need to contact a financial adviser. They will need to have a suitable qualification to be able to give you advice on equity release products. If, after discussing your options, your adviser decides a Retirement Advantage Lifetime Mortgage is right for you, they’ll provide you with a summary of the important details and costs involved – called a ‘Key Facts Illustration’.

Step 4: Fill out an application form

Once you’re happy, you’ll need to complete an application form. Your financial adviser will help you with this and will be responsible for sending it back to us. At this point you’ll need your solicitor’s details.

Step 5: Have your property valued

We will appoint an independent valuer who will contact you to arrange a convenient time to visit your property to carry out a valuation.

Step 6: Appoint your solicitor

To make sure you fully understand the implications of your decisions, all Equity Release Council members require that you discuss it with your own solicitor before committing to a lifetime mortgage. If you don’t have a solicitor you can contact the Equity Release Solicitors’ Alliance on 0800 988 5102.

Step 7: Retirement Advantage will make you an offer

Following your property valuation, we will confirm how much you can borrow, and send an Offer Letter to you, your solicitor and your financial adviser.

Step 8: Legal process

After your solicitor has received a copy of the Offer Letter they’ll talk you through the offer. When you’re happy, you’ll be asked to sign a Mortgage Deed and your solicitor will sign a certificate to confirm the essential features and implications of the plan have been explained to you.

Step 9: Cash released

Once we have received the correct documents and have carried out the necessary checks, we will release the cash to your solicitor. In the majority of cases, they will then arrange for the funds to be transferred to you.

Next steps

If you would like to read more about equity release, and our range of products, you can download our Guide to Equity Release.