Aviva ( Norwich Union ) Equity Release Lifetime Mortgages

To find out more about Aviva ( Norwich Union ) Equity Release Lifetime mortgages and the other leading equity release schemes on the market, Click on the image below to complete the Equity Release Quote request form and an equity release specialist will be in touch to offer you independent help, advice and quotes.

 

Although the value of houses has risen over the years, selling up and moving somewhere cheaper, just to release the equity, isn't for everyone. Aviva ( Norwich Union ) Equity Release mortgages offer a number of different ways to help you release some of the money in your home, without having to move out.

Aviva ( Norwich Union ) Equity Release offer a choice of Equity Release Lifetime Mortgages which are:

Fixed Rate Lifetime Mortgage
If you need the maximum amount that Aviva ( Norwich Union ) Equity Release can provide and are unlikely to want further funds in the future, the Fixed Rate Lifetime Mortgage could be the right choice. You will receive a lump sum payment to spend as you wish at a fixed rate of interest. The Aviva ( Norwich Union ) Equity Release mortgage is available from age 60, with a minimum release of £15,000 and requiring a minimum property value of £50,000.

Cash Reserve Option
With the Cash Reserve Option you can choose to release a smaller amount up front and keep a reserve of money - guaranteed (subject to conditions) for 10 years - available to call on in the future as and when required. With the Aviva ( Norwich Union ) Cash Reserve Lifetime Mortgage there is a fixed rate of interest on each loan taken.

Index-linked Lifetime Mortgage
This mortgage has a variable interest rate structure, linked to the Retail Prices Index (RPI). There is a fixed application fee and it is available from the earlier age of 55. The minimum loan amount is £15,000 with a minimum property value of £50,000.

Summary of Aviva ( Norwich Union ) Equity Release Benefits

Aviva ( Norwich Union ) Lump Sum Equity Release

• Cash lump sum - you can receive a payment to spend as you wish.
• No monthly payments - loans are repaid when the lifetime mortgage ends, which is normally on death or when customers need to go into long-term care.
• The main features of the Fixed Rate Lifetime Mortgage Interest is charged at a fixed rate and compounded annually, which quickly increases the amount owed.
• Remain in the home - you retain full ownership of your home and are able to live in it for as long as you wish.
• No negative equity guarantee - Aviva ( Norwich Union ) offers a no negative equity guarantee, which means that whatever happens, you will never have to pay back more than your home is worth. However, there may be no money left to your estate after the loan has been repaid.
• Fixed rates of interest – Aviva ( Norwich Union ) charge a fixed rate of interest for each loan or further release so that you will always know how much your mortgage costs.
• Can move home -you can transfer your lifetime mortgage to a new home as long as it meets Aviva ( Norwich Union ) criteria for acceptable properties.
• Substantial repayment charges may apply if the Aviva ( Norwich Union ) Equity Release Lifetime Mortgage is repaid early.
• This plan will reduce the amount of inheritance you can leave, and may also affect your entitlement to tax and welfare benefits.
• The main features of the Fixed Rate Lifetime Mortgage Interest is charged at a fixed rate and compounded annually, which quickly increases the amount owed.
• The minimum loan is £15,000.
• The maximum loan depends on your age, but could be up to 50% of the value of your home, with an overall maximum of £600,000. There is a minimum property value of £50,000.
• The loan and interest are repaid usually from the sale of the home, when the customers die or leave their property because they need long-term care.

Aviva ( Norwich Union ) Cash Reserve Option

• Cash reserve - also get an agreed guaranteed cash reserve for 10 years. During this time you can release money from the reserve as and when you need it.
• Fixed rates of interest - The interest rate we apply to each release from the cash reserve will be the fixed rate current on the day we release that loan.
• Cash Reserve Option - You must set up a minimum total reserve of at least £15,000 and can then choose to take between 25% and 75% of this amount as the initial loan - subject to a minimum of £10,000.
• The maximum total reserve depends on your age and the value of the home. It could be up to 50% of the value of the home, subject to an overall maximum of £600,000. There is a minimum property value of £50,000.
• The minimum amount a customer can release from the cash reserve at any one time is £5000.
• If the unused reserve is less than £5000 the next release must be for the full amount remaining in the reserve.
• The maximum release is the amount remaining in their reserve.
• There is no restriction on the number of releases that you can make - as long as the reserve is available.
• There is an administration fee for each release taken.
• Access to the money in the cash reserve is guaranteed for 10 years. However, there are certain circumstances where this guarantee may not be honored. These are where the customer has not kept to their obligations under the terms and conditions - for instance by not keeping the property insured or in good repair and condition, or in the unlikely event of Aviva ( Norwich Union ) becoming insolvent.

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS,
ASK FOR A PERSONALISED ILLUSTRATION.