Lifetime mortgages may be an option for people aged over 55 who have paid off their original mortgage, but wish to release some capital in the form of cash to spend on home improvements or perhaps just giving themselves an extra holiday, a new car, medical expenses, or perhaps school fees for grandchildren.
Interest rates are usually higher than a normal mortgage, so it’s important that you don’t accumulate debt that could create problems for you at a later stage in your life.
Typically, home owners can borrow up to 60% of the value of their home as a lump sum or as a series of regular payments, but you should never take out a lifetime mortgage without knowing all the facts. The amount will vary according to your age and the value of the property.
A Typical fee for Lifetime Mortgage advice is £630.00.
Aqua Wealth Management is a broker and not a Lender.