Later life lending or equity release schemes are becoming more mainstream. The most popular way of doing this is with a lifetime mortgage. Taking out a loan secured on your home which does not need to be repaid until you pass away or go into long-term care.
Benefits Of Lifetime Mortgages
It frees up equity you have tied up in your home, your main lifetime investment in most cases. This can help you maintain a good level of lifestyle in your retirement. We have a resident specialist in this area who will be happy to discuss your requirement and search for the best tailored solution for your needs.Message Rosaleen Crawford Call Rosaleen Crawford
Common Types Of Lifetime Mortgages
- An interest roll-up mortgage
Lump sum or are paid a regular amount, and get charged interest which is added to the loan. This means you don’t have to make any regular payments. The amount you borrowed, including the rolled-up interest, is repaid at the end of your mortgage term when your home is sold.
- An interest-paying mortgage
Lump sum and make either monthly or ad-hoc payments. This reduces, or stops, the impact of interest roll-up. Some plans also allow you to pay off capital, if you so wish. The amount you borrowed is repaid when your home is sold at the end of your mortgage term.
A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
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