A retirement mortgage is designed specifically for individuals aged over 55 years old who are looking to obtain a mortgage. The main requirement for eligibility is to demonstrate that you have the means to repay the interest on the loan each month. If you are still employed, mortgage lenders will typically consider only the income sources that will be available to you once you have retired.
As mortgage brokers, we specialize in assisting individuals in determining whether this mortgage is the right option for them. Our team of qualified advisors will guide you through the various borrowing options available in later life. If they are able to find a suitable product that meets your needs, they will handle all the necessary arrangements on your behalf. Don't hesitate to get in touch with us or request a no-obligation quote today!
The loan is typically repaid upon your death, transition to long-term care, or sale of the property. Failure to make timely mortgage repayments may result in the repossession of your home.
An equity release mortgage for life allows homeowners to obtain tax-free funds from their properties, without having to make monthly payments. The borrowed amount is settled from the proceeds of the property’s sale upon the homeowner’s passing or move to a care facility.
The main contrast with equity release lies in the fact that the borrowed sum grows gradually. If you wish to repay a portion of the principal and secure a larger inheritance for your family, considering a retirement mortgage might be a more suitable choice.
© 2024 By EcMortgage. EC Mortgage Solution Ltd is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655. EC Mortgage Solution Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 974789.
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