Over 55 later life lending to clear an outstanding mortgage

Whether you’re too old for a conventional mortgage or struggling to make repayments, an over 55 equity release scheme could help you stay in the home you love

Nearly a quarter of all later life lending plans are used for existing mortgage repayment when no other financial options are available. In later life, it can become a struggle to keep up with increasing interest rates or become difficult to access different plans with lower rates. A lifetime mortgage can offer flexibility in making payments – paying what you can afford, when you can afford it.

With equity release, homeowners over 55 can use a Home Reversion, Lifetime Mortgage or Retirement Interest Only mortgage (RIO) scheme to support the repayment of an existing mortgage — ensuring that the home you love is secure.

Unlike a typical residential mortgage, later life lending schemes do not demand that you make monthly payments. As an alternative, you may decide to make interest payments to maintain the value of the equity in your property.

Any outstanding interest will only be reclaimed in the event of death, or when the property is finally sold.

Over 55 later life lending to clear an outstanding mortgage

Whether you’re too old for a conventional mortgage or struggling to make repayments, an over 55 equity release scheme could help you stay in the home you love

Any outstanding interest will only be reclaimed in the event of death, or when the property is finally sold.

“I wanted to release equity to pay off my mortgage, and I’d never done it before. 55Plus was brilliant; my adviser explained it clearly and I felt confident that I knew what I was doing – the adviser was really great.

They went through the whole process and asked me questions about what I wanted, such as if I ever wanted to move. They also explained, in detail, all the different types of products available, with the aim of getting the best one to suit my needs. 55Plus highlighted that although the option may not have had the cheapest interest rate, it was the one they felt suited me the best and I felt fully confident they had the right solution for me.

My adviser made me feel at ease. I knew exactly what I was getting into and the adviser really knew their stuff. There was no pressure; they recommended what felt like the right thing for me and most importantly, they really cared It has made a big difference to my life; it’s a relief really and has given me peace of mind.”

Pam Higham

Successful over 55 equity release mortgage applicants

London

Over 55 later life lending to clear an outstanding mortgage

Whether you’re too old for a conventional mortgage or struggling to make repayments, an over 55 equity release scheme could help you stay in the home you love

Over 55 later life lending to clear an outstanding mortgage

Pam Higham

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