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What Constitutes a Pre-existing Medical Condition?
Equity release is a financial scheme that allows homeowners, typically those aged 55 or older, to access the equity tied up in their properties without having to sell their homes. There are two primary forms of equity release: lifetime mortgages and home reversion plans.
Medical Conditions Include:
Heart Conditions:
Diabetes:
- Asthma:
- Chronic Illness:
- Joint and Bone Inflammation:
- Mental Health Issues:
Equity release can offer financial flexibility in case you are retired, but it’s essential to consider the impact on your estate and inheritance for your loved ones. Get advice from our localised mortgage senior experts on your personal situation before booking anything! It’s always better to get an experts opinion on such personal finance matters.
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The minimum age for equity release is typically 55 or 60, but it can vary depending on the specific plan and provider. It’s essential to check with your chosen equity release provider for their age requirements.
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Your home must meet a minimum value threshold of at least £70,000 and it’s in reasonable condition.
Apply
In most cases, equity release plans typically allow a maximum of two applicants. These applicants are usually the homeowners who jointly own the property for which the equity release is being considered
How to Secure Affordable Travel Insurance with a Pre-existing Medical Condition:
Opt for a Higher Excess
Choosing a higher excess can lead to more affordable premiums. Ensure you can comfortably cover the excess in case of a claim.
Explore Annual Travel Insurance
If you frequently travel, consider an annual multi-trip policy for potential discounts on your coverage.
Compare Travel Insurance Quotations
Simplify your quest for budget-friendly travel insurance by comparing quotes on Compare the market. Easily assess offerings from numerous providers in minutes, empowering you to select the most economical policy based on your results.
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If medical conditions aren't declared, what are the consequences?
Typically, you can expect to receive between 20% and 60% of your home’s market value (or the portion you decide to sell). When contemplating a home reversion plan, it’s essential to consider:
– The possibility of releasing equity in multiple payments or as a single lump sum.
– The minimum age requirement for initiating a home reversion plan.
How do I determine the appropriate amount of medical cover for travel insurance?
Although there aren’t inherent dangers or pitfalls, it’s vital to recognise that equity release will diminish the inheritance you can pass on to your loved ones. Similar to conventional mortgages or borrowing arrangements, you’re obliged to repay the borrowed amount, along with the accumulating interest, at a later date. It’s a financial commitment to be aware of.
Is approval likely for travel insurance applications with a medical condition?
Typically, the repayment of the lifetime mortgage occurs when the house is sold. If you decide to move into long-term care, you or your solicitor will oversee the sale process. In the event of your passing, if you have a will, an executor will handle the sale, or if you don’t, administrators will manage it. Any remaining funds from the sale belong to you or your estate.
