What is a Lifetime mortgage? Well a Lifetime mortgage is a type of mortgage which does not require you to make monthly repayments. You retain ownership of your home and the interest on the loan rolls up (compounded).

Lifetime mortgage

The loan and the rolled up interest is then repaid by your estate (sale of the property) when you either die or move into long term care. If you live at the property with you partner, then the loan does not become repayable until the last remaining person living in the home either dies or moves into care.

You could consider taking a lump sum initially and then regular or irregular amounts each year.

You can have the option to repay the interest on the loan and not let it roll up.

Depending on the type of lifetime mortgage you require, they all have their own advantages and disadvantages, you should therefore consider which is the right option for you now and for the future requirements.

For a personalised lifetime mortgage fareham illustration or to discuss other options, call 01489 580020 or email info@parkgate.net we can then arrange an initial meeting to discuss your requirements and see if a lifetime mortgage is suitable for your needs.

TO UNDERSTAND THE FEATURES AND RISKS OF AN EQUITY RELEASE MORTGAGE, ASK FOR A PERSONALISED ILLUSTRATION

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