Have you worked all your life and feel you deserve to enjoy your retirement, without the money worries?
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.
John and Beryl were newlyweds in the early 1960s, and bought their home in Leeds for £5,000 not long after tying the knot.
Now, both their children have families of their own, and live nearby. They’ve not got there without a little help from mum and dad, though – in fact, funding their children’s big life moments has been a big priority for practically all John and Beryl’s adult lives. Saving for themselves had to take a backseat.
They only have a State Pension to rely on now, and despite living frugally in younger life, still have to be careful about spending.
But John and Beryl have one big valuable possession to fall back on – that little family home they bought in Leeds all those years ago. Over the years it’s grown in value to £200,000, and having ruled out downsizing, an Aviva Property Plan could be a way to fund the retirement they’ve dreamt of all their working lives.
They could borrow £30,000 to cover the cost of a caravan and home improvements to keep mobile around the house in old-age. Plus, they could put £20,000 in a reserve to help top-up their adventures in the years to come.
Could you do more in retirement with an Aviva Property Plan?
A big plus for John and Beryl would be the flexibility of the plan.
They have the option to make partial repayments in the future if their circumstances change, but there’s no pressure to make these payments at all – could this sort of flexibility suit your financial plans?
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 404 8891 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.