Thank you for your enquiry for a Lifetime Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your Lifetime Mortgage will reflect your own personal needs.
To enable us to provide you with an initial quote for your Lifetime Mortgage please submit your details and we will try to contact you today.
Lifetime Mortgages are beneficial in several different ways but whether they will suit you depend on your circumstances. They are an ideal way to get some money up on your retirement without worrying about taxes.
You can also depend on a fixed rate of interest with Lifetime Mortgages and most will forego the formality of presenting good health or credit checks. These loans are portable, so they are also suited to those in retirement who might want to travel. There may still be some sort of charge if the real estate chosen happens to be cheaper than the original one purchased with the mortgage.
Lifetime Mortgages are aimed for those aged 60 and over who own their home. This means any previous mortgage has been paid in full, so to qualify you would have to clear up any debts owing first. To obtain one, you will need to seek advice from an advisor who specializes in lifetime mortgages.
Therefore, with lifetime mortgages you borrow against your own home. Upon death, if the debt owing is not paid, your home is sold in order to pay off the mortgage. This is normal procedure – the word mortgage actually stems from the French “mort” meaning death and “gage” meaning pledge.
Lifetime Mortgages are still somewhat flexible. The amount borrowed is up to you so you could borrow a large amount at once or choose from a drawdown, which just means smaller loans that are more frequent.
How frequent and how often you borrow from your mortgage is your decision. If your intention is to leave money for your beneficiaries when you die, that is a factor you should consider. Your beneficiaries could also end up paying any remaining debt for you after you die if the debt is not covered from the sale of your home.
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The Mortgage train is a trading style of SourceIFA Limited. Registered office Argyll House, 158 Richmond Park Road, Bournemouth, Dorset. BH8 8TW Registered in England and Wales No. 06363148. This website is produced for information only and does not constitute or offer advice.