As a mortgage broker in Liverpool, we often help homeowners aged 55 and over who are thinking about releasing equity through a lifetime mortgage. This option allows you to unlock some of the value in your home without having to move or make monthly repayments.
There are many reasons why people consider a lifetime mortgage in Liverpool. Some want to carry out home improvements, while others use the funds to support family members or improve their quality of life in retirement.
In this article, we’ll explain how a lifetime mortgage works and explore the different ways it can be used, based on what we see most often from our local clients. If you’re thinking about releasing equity, our mortgage advisors in Liverpool are here to talk you through your options.
Uses For a Lifetime Mortgage in Liverpool
You can use a lifetime mortgage in Liverpool for a wide range of purposes, depending on your needs. Many homeowners decide to release equity to improve their home, such as upgrading kitchens or making the property more accessible. Others use the money to help children or grandchildren, often by gifting a deposit for their first home.
It can also be used to clear an existing mortgage or other secured debts, which can ease financial pressure later in life. Some people choose to boost their income during retirement or put the funds towards travel, a new car, or something personal they’ve been planning.
There are no set rules on how you use the money, though lenders will expect you to share your plans when applying. Our mortgage advisors will explain how everything works and help you decide if it’s the right option.
Can I use a lifetime mortgage to help my family?
Yes, many people in Liverpool choose to use a lifetime mortgage to support their family financially. One of the most common reasons is to gift a deposit to children or grandchildren who are buying their first home. With property prices rising, this can make a big difference to their ability to get onto the property ladder.
Some also use the money to help family with education costs, moving expenses, or other large financial commitments. Others simply want to offer support while they’re still around to see the benefit.
If helping your family is a key priority, we’ll talk through how a lifetime mortgage might work and what impact it could have in the long term. Your mortgage advisor will explain everything clearly so you know what to expect.
Can I improve my home?
One of the most popular reasons for taking out a lifetime mortgage is to improve the home. Many homeowners release equity to upgrade kitchens, fit new bathrooms, or carry out structural repairs. Some also use the funds to make the property safer or easier to manage as they get older, for example, by installing walk-in showers, handrails, or stairlifts.
A lifetime mortgage in Liverpool can help you make these changes without dipping into savings or relying on monthly repayments. This can be especially helpful if you want to stay in your home long term rather than downsizing.
Our mortgage advisors in Liverpool will take the time to understand your plans and explain how equity release could support your home improvements.
Can I pay off my mortgage or debt?
Some homeowners in Liverpool use a lifetime mortgage to clear their remaining mortgage balance. This can be a way to remove the pressure of monthly repayments, especially if you’re approaching or already in retirement. By releasing equity, you may be able to stay in your home without needing to make further payments on your current mortgage.
Equity release can also be used to repay other secured debts. This can reduce financial strain and provide more breathing space during later life. It’s important to understand how this affects the total amount owed over time, and our mortgage advisors will explain everything clearly so you know where you stand.
Can I boost my retirement income?
For many people, a lifetime mortgage offers a way to supplement their income during retirement. If your pension or savings don’t stretch as far as you’d like, releasing equity can help cover everyday costs, unexpected expenses, or give you more freedom to enjoy life.
Some choose to use the money gradually, drawing smaller amounts over time rather than taking it all in one go. This can help with budgeting and may reduce the total interest added. Whether it’s for household bills, leisure, or peace of mind, a lifetime mortgage could provide that extra financial support when it’s needed most.
Mortgage advice for later life applicants
If you’re thinking about using a lifetime mortgage, it’s important to understand how it fits with your plans.
As a mortgage broker in Liverpool, we take the time to learn what matters to you and explain your options clearly. Whether you’re looking to support family, improve your home, or ease financial pressure in retirement, we’re here to help you explore what’s possible.
Every situation is different, and we’ll guide you through the process so you can move forward with confidence. If you’re considering equity release, speak to our team today and find out how we can help you.
Date Last Edited: June 6, 2025
