Mortgages for over 50s & Equity Release
Considering releasing equity from your home?
Moving home can be an expensive and stressful process at any age. Let’s consider mortgages for over 50’s & equity release as many people would prefer to stay put and benefit from the ‘equity’ or value tied up in their homes, and equity release schemes allow them to do that as can specifically designed mortgages for over 50’s.
There are various types of plans available to homeowners age 55 and over. With Lifetime Mortgages where the interest is rolled up, a loan is taken out on the property to provide a lump sum, an income or combination of the two. No interest is payable until the home is sold, which could be when you and your partner have both died or gone into long-term care.
A Lifetime Mortgage with a drawdown facility allows you to take the cash in stages as it suits you. This can be useful as it gives flexibility and the reassurance that you can access further funds at some point in the future should you need them. Interest is also only charged on funds when they are drawn down.
Rosewood Little Associates are not authorised to provide advice on Equity Release. We will refer you to our trusted specialist, Mark Wainwright who is Managing Director of Bright Life. Bright Life is a trading style of Mark Wainwright, an appointed representative of The Right Mortgage Limited who are authorised and regulated by the Financial Conduct Authority. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.
Get in touch to talk about releasing equity from your home or mortgages for over 50’s.
