Retirement interest-only mortgages: unlock the equity in your home
Secure extra cash to spend as you see fit
A retirement interest-only mortgage allows you to unlock some of the equity in your home. It is only available on your main residence and is very similar to a standard interest-only mortgage, with a few key differences. The loan is usually only paid off after you die, move into long-term care or sell your house. All you need to do is prove you can afford the monthly interest repayments.
Protect yourself, your family and your assets against any eventuality.
Speak to Mark about protection insurance on 01256 518318 or email mark@mdjmortgages.com
So what will a retirement interest-only mortgage mean for you?
With a retirement interest-only mortgage, you need only pay off the interest each month, so your monthly repayments will be lower than with a lifetime mortgage.
This means you are more likely to have something to pass on as inheritance, or to pay for long-term care should you require it. It also means you shouldn’t need to downsize to a smaller property in order to keep up with payments.
The outstanding capital you still owe will be paid off when the house is sold, when you die, or when you move into long-term care.
Your home is at risk if you do not keep up the repayments.
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