Overview
Your client could benefit from receiving a higher loan amount or a lower fixed interest rate depending on their health and lifestyle.
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Welcome to Aviva
Our lifetime mortgage Lifestyle Flexible Option offers either a one-off cash lump sum of £15,000 or more tax free, or a one-off cash lump sum of £10,000 or more with a cash reserve of £5,000 or more. The cash reserve offers flexibility for your clients to draw money as and when they need it. This is often a cost-effective option, as your client only pays interest on the cash they draw down. They won't have to pay tax on the amount they release but depending on what they do with the money, there may be tax implications.
Your client will still own their home and can live in it until they die or move into long-term care, subject to our terms and conditions. This applies to both borrowers on joint lifetime mortgages.
During the mortgage term, interest is charged on the amount borrowed plus interest already added, quickly increasing the amount the client owes. Releasing equity will reduce the amount of inheritance your client can leave, and may affect their eligibility for certain welfare benefits.
Great benefits as standard
- Your client receives an initial lump sum to spend as they choose
- Voluntary partial repayments. Each policy year, your client can choose to repay up to 10% of the initial loan, any additional borrowing and any cash reserve releases without incurring an early repayment charge. There is no limit on the number of repayments, but each repayment must be at least £50.
- Interest rates are guaranteed for 14 weeks as detailed on your client's offer. If the loan does not complete within this time, the case will be reviewed and a reoffer will be issued on prevailing rates which are guaranteed for a further 14 weeks
- No upper age limit - anyone aged 55 or over can make use of the equity in their home
- Online access - you and your client can see up-to-date policy details 24/7
- Downsizing protection is a standard product feature which allows a client to move to a property that doesn't meet our lending criteria and repay their lifetime mortgage in full without paying an early repayment charge. The lifetime mortgage must have been held for 3 years before downsizing protection can be used. (terms and conditions apply)
Additional funds when they’re needed if a cash reserve is chosen
- Minimum drawdown of £500 from client's cash reserve
- They can leave up to 50% of the total amount they borrow in their cash reserve
- Minimum total loan of £15,000 (an initial loan of £10,000 with a reserve of £5,000)
- No interest is payable until the money’s released
- The interest rate on each release will be that which is current at the time and will be individually tailored to their circumstances
Peace of mind
- No-negative-equity guarantee - your client (or their estate) won’t have to pay back more than the property sells for, as long as it's sold for the best price reasonably obtainable
- Optional inheritance guarantee - your clients may be worried that the inheritance they leave will be reduced. This guarantee allows them to safeguard a percentage of their home’s value for their estate, although this will reduce the amount they are able to borrow
- Moving-home option - your client may be able to transfer their lifetime mortgage to a new home as long as it meets our lending criteria at the time
- Your client may be able to borrow more in the future, though we can’t guarantee this and again it would depend on our lending criteria at the time

Tools & Calculators
1. Lifetime mortgage calculator
Help clients understand the possible effects of compound interest and house price inflation
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2. Equity Release Support
Technical guides, CPD modules, exam support and latest news
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3. Explore equity release
Find our more about our products and resources
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4. Terms and conditions of the Aviva lifetime mortgage
Detailed information for your clients about our lifetime mortgage
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5. Webinar hub
Expand your knowledge, keep up to date with industry topics and add to your CPD hours
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