Hodge Lifetime has been a specialist in the retirement market for over 50 years, making it one of the longest established equity release providers in the UK. Its products focus on retirement lending and income markets.
Lumpsum Lifetime Mortgage
The Lumpsum Lifetime Mortgage provides a tax free lump sum. The minimum amount that can be loaned is £20,000. Repayments are not required over the lifetime of the loan, although interest will be added to the loan and will roll up. The minimum age for acceptance is 55 and the minimum property value is £100,000.
Flexible Lifetime Mortgage
The Flexible Lifetime Mortgage provides an initial tax free cash lump sum (minimum value £15,000) and an option to make further cash withdrawals (minimum amount £1,000 per transaction). The minimum age for acceptance is 55 and the minimum property value is £100,000.
Home Reversion Plan
Home owners can sell a share of their property at its current market value, adjusted to reflect the expected term of your occupation. When the property is sold, the reversion provider receives its share of the sale proceeds.
Hodge Lifetime Retirement Mortgage
This lifetime mortgage provides a tax-free cash lump sum that does not have to be repaid until you die or move permanently into long term care. Loan interest is paid on a monthly basis, on a current standard variable rate. Overpayments can be made in the first five years, and after a five year period has passed you can choose to stop paying the interest on the mortgage and add it to the loan instead. The minimum age for this product is 50.
Over 55s Mortgage
This interest-only mortgage is designed for those who need to purchase a house, re-mortgage or raise capital. There is a minimum loan term of 5 years and a maximum term of 41 years. Loan interest is payable on a monthly basis, and the loan must be repaid in full by the end of the loan term. The minimum age for acceptance is 50 years old and the minimum property value is £120,000.
An annuity converts the money you have saved for retirement into a regular income. It is designed for those aged between 55 and 85, and who live in the UK. Various annuity options are available including ways to guarantee the payment period, the frequency payments are received and whether any dependants get paid after your death.
Hodge Lifetime Reviews and Ratings
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- The longest established equity release provider in the UK
- Multiple award winner over several years including Mortgage Strategy Awards, Lending Awards and Legal & General Awards
- Multiple Over 55s products to choose from
- Flexible repayment options and downsizing protection available
- Clean, easy-to-navigate website which readily lists pros and cons
- Minimum age 55
- Minimum property value £100,000
- Available in England, Wales and mainland Scotland only
- No customer reviews available
- Retirement mortgage not accessible directly to the public; a qualified financial advisor must be your conduit
Website: Hodge Lifetime