Retirement & Lifetime Mortgages
Lifetime Mortgages
Lifetime mortgages allow older borrows to release funds from their homes tax free, to use as a lump sum or a regular income. You continue to live in your own home until you die or move into permanent care at which point the property is sold to repay the loan. You maintain full ownership at all times and most deals require no repayments, so affordability is not a factor. You will also never owe more than your home is worth.
Funds can be raised for a number of things like helping your children get onto the property ladder, doing home improvements, mitigating inheritance tax, paying off a current standard mortgage so you can stay in your home or simply enjoying your retirement with more disposable income.
Income is not a factor like a standard mortgage unless you wish to make the interest payments.
Retirement interest only mortgage (RIO)
These were introduced by mainstream lenders as a stop gap for those ending standard borrowing mortgage and not wanting to go down the equity release gap. They are interest only so you will only make the interest payments and will be assessed on income in retirement or income that will be available for life. Lenders will restrict the maximum loan size and Sale of property is the repayment vehicle to repay the loan, just like equity release this is usually on death or moving into long term care when the property will be sold.
Call us at DWM Mortgages today for further information on any of these products.
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Mortgage & Protection Advisors
Searching for the ideal mortgage, insurance, solicitor or generally managing your wealth can be a daunting experience.
As an independent broker our services & advice are impartial in helping you find the perfect financial solution that suits your needs… Enter your details below & we’ll be able to get you on the right track straight away!
We offer free initial advice, with no obligation.