Lived in your home for years, but worried that old age might have to make you think again?
An Aviva Property Plan is a lifetime mortgage and refers to Aviva's Lifestyle Lump Sum Max and Lifestyle Flexible Option products. Below we've put together a typical scenario to show how an Aviva Property Plan could help you.
Lindsay and Jack are enjoying retirement. They both have decent private pensions, and both their children have successful careers, so they don’t need to worry about supporting them.
They’ve been using their money to do all the things they couldn’t when they were working and had kids to look after – travelling abroad, buying a better car, and extending the kitchen.
But they’re now getting into their 70s, and health issues are becoming more common. Lindsay has mobility issues, and Jack’s long-running heart condition and diabetes need to be paid close attention.
Like many elderly couples, downsizing is an option. But that would mean less space to keep all the possessions they’ve gathered over the years, and much less space to entertain their 5 grandchildren when they come to stay. Plus, they want to stay local, as they’ve belonged to the local community for many years.
So they’re now focussing on adapting their family home to fit their elderly needs. A stairlift, ramps, and changing the bathroom into a wet room are their big priorities – plus a whole host of smaller changes.
With a lot to pay for and a home they very much want to keep, an Aviva Property Plan could work for Lindsay and Jack. Their house is valued at £280,000, so they could take out £25,000 to pay for the home adaptations and put another £20,000 into a reserve that they could tap into if they need to.
Plus, anything left over can go on a big holiday for all the family!
Could you stay in your home too?
While you’re releasing equity from the value of your home, you’ll still remain the homeowner, and won’t have to move out if you choose an Aviva Property Plan.
As you get into older age, an Aviva Property Plan might be able to help you stay in your home as well.
This is a fictitious example for illustrative purposes only. An Aviva Property Plan is a lifetime mortgage which can’t be taken out without financial advice so we’ll put you through to a carefully selected, specialist adviser who isn’t employed by us but can only advise on our lifetime mortgages. If you require general financial planning and investment advice please speak to your own financial adviser. If don't have an adviser, but want to speak to one, you can find one near you at www.unbiased.co.uk. Taking out a lifetime mortgage will reduce the amount of inheritance you are able to leave. Your tax position and eligibility for welfare benefits may also be affected.
Call us on 0800 141 3513 to check if you’re eligible for a lifetime mortgage and to be put through to a specialist financial adviser who is qualified in providing advice on lifetime mortgages.