Just Retirement entered the equity release market in 2004 to provide UK consumers with a more stable retirement. To do this they offer equity release products. Just Retirement also provides annuities. Just Retirement specialise in equity release products including two lifetime mortgages.
Products Available in Equity Release:
• Roll-up Lifetime Mortgage
• Lump Sum Plus Lifetime Mortgage
The roll-up lifetime mortgage provides a single release of money when homeowners need it. Lending criteria requires the home value at a minimum of £70,000. The minimum age for the youngest homeowner is 60. Equity releases are awarded to homeowners with standard construction, where the home is their main residence. A minimum of £10,000 up to a maximum of £600,000 is awarded to homeowners in England. Homeowners in Wales, Northern Ireland, or Scotland have a maximum lump sum amount set at £250,000. These maximum amounts are dependent on the home valuation and whether the valuation supports it or not.
Just Retirement Calculator
The roll-up lifetime mortgage can become a drawdown mortgage, where a cash facility is set up for the homeowner. The homeowner must take a minimum withdrawal amount for the first year and then withdraw funds as needed from the cash facility set up for the future.
The interest rate is calculated based on the time one borrows the funds. Interest is fixed for the initial lump sum, while further withdrawals are set at the current rate. Interest is rolled on to the principle balance of the mortgage and repaid upon death or move to a long term care home.
The Just Retirement Lump Sum Plus Lifetime Mortgage has the same lending criteria as stated above. The difference is the maximum amount awarded. Essentially, the loan to value amount provided to a homeowner is based on their life expectancy and home property value. Someone with an illness or lifestyle that potentially lowers their life expectancy is awarded a higher loan to value than the roll-up plan. It also comes with higher interest rates. The principle is the repayment of the entire sum and interest will be repaid earlier than the average roll up equity release scheme.
Just Retirement Guarantee
Just Retirement, adhering to the Financial Conduct Authority and Equity Release Council, provides a no negative equity guarantee. This guarantee protects the homeowner against any loan over the value of their home. The company cannot claim any other assets other than the home to repay the interest and mortgage.