AVIVA offers lifetime mortgages, which are a type of equity release plan, to customers who are looking to add to their retirement income using the value locked into their property. Lifetime mortgages are available to homeowners aged 55 and over. The amount you can release will depend on a number of factors including your age, value of property and type of property. A lifetime mortgage is a long-term loan secured against your home and AVIVA offers two types, so you can either release a lump sum to spend now or choose to take a smaller amount now, leaving the rest to spend in full or in part later.
Lifestyle Lump Sum Max – this allows you to release a one-off amount of money at the start of the plan. Because the plan can give you a larger cash sum than the AVIVA Lifestyle Flexible Option, the overall cost of the Lifestyle Lump Sum Max is higher.
Lifestyle Flexible Option - Lifestyle Flexible Option lets you take a lower initial loan and have access to a reserve of money in the future, as and when you need it.
You can continue to live in your home and use the money to get more from your retirement. Whether it's to top up your income, make home improvements, buy a new car or even take a special holiday - it's up to you how you spend it. Equity release plans are not suitable for everyone, however, so it makes sense to get independent financial advice before making a decision.
For the latest deals on AVIVA mortgages, call our mortgage team on 0117 332 6063 for deals tailored to your personal requirements.