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Retirement Plan Mortgages

There are some lenders that will actually offer mortgages into retirement.  These mortgages tend to be set up on an Interest Only basis and over an extended period (typically 40 years) which means that the monthly cost of the mortgage is kept to a minimum but that you are not paying back any of the capital.  You therefore constantly owe the lender the full amount of mortgage.

The mortgage is then paid back when the property is eventually sold, either after the death of the last inhabitant or if the property owner is downsizing or moving to a residential care home or family members home.

The amount of mortgage available is based upon the client's income, usually pension income, and as there will be a monthly payment it is essential that the mortgage is affordable to the client.  It can be an excellent way of releasing equity from a property without the person having to sell the property and move.

For more details please contact Paul or Gerald on 01624 612611, e-mail advice@financialoptions.co.im or please feel free to complete our online mortgage form.