Life Time Mortgage
A lifetime mortgage is a way of getting a cash lump sum, or regular income, while still maintaining the ownership of your home.
Unlike a regular mortgage, requiring monthly payments to furnish the loan, a lifetime mortgage is repaid on the event of your death (or if you move into long term care) by your estate. This repayment will include the original loan and interest.
As a couple, your home remains your own until the last remaining person dies or goes into long term care. With a lifetime mortgage, you can also choose to make provisions that will protect a portion of the value of your home so that you can pass something on to your children.
As there are various options available with a lifetime mortgage, it really is best to seek independent financial advice. At Eclipse Financial solitions in Barnstaple in North Devon, we have the experience and the knowledge to provide you with the information for you make an informed choice.