Explore the Possibilities of Later Life Mortgages in Hayes

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Later Life Mortgages in Hayes

As inflation rages and economic uncertainty becomes the order of the day, many retirees are casting a concerned gaze upon their savings accounts and considering other options to ensure their golden years are truly golden. One such option is the Later in Life Mortgage. At Mortgage & Lifetime Solutions we provide older homeowners with Later Life Mortgages in Hayes that enable them to fend off financial shortfalls and realise their retirement dreams.

The Lowdown on Later Life Mortgages in Hayes

Even older people who have been diligent in their fiscal restraint through the years sometimes discover that their retirement nest egg is not quite large enough to create the omelette they had in mind. Fortunately, Later in Life Mortgages are here to bridge the gap.

This type of multi-faceted mortgage product is designed to enable those with significant equity in their homes to take advantage of it, without having to be shackled by punishing monthly payments.

Later Life Hayes

There are 4 types of Later in Life Mortgages:

  • The Standard Later in Life Mortgage – This is a fixed-term mortgage that provides you with the option of paying both principle and interest every month, or just the interest. Should you choose the interest-only option, payment of the principle will come due at the end of the term.
  • The Retirement Interest Only LIL Mortgage – With a Retirement Interest Only Mortgage you pay only the interest on the loan. When you pass or move into long-term care, the house is sold to satisfy the balance. Any surplus is returned to you or your heirs.
  • The Equity Release LIL Mortgage – With this type of Later in Life Mortgage the equity in your home is released to you tax-free to use in whatever manner you see fit. Upon the occasion of your passing or moving into a long-term care facility, the property is sold to settle accounts.
  • The Home Reversion Plan LIL Mortgage – With the Home Reversion Plan you essentially sell a stake in your home and pocket the proceeds. Any money received is tax-free. Upon your passing, the home is sold and the proceeds divided up accordingly among the owners.
Later Life Mortgages in Hayes

Contact Mortgage & Lifetime Solutions Today

The Later in Life Mortgage shares some similarities with a home equity loan but with some notable differences as well. For example, you must be between 55 and 94, the home must be your primary residence and you must have a verifiable pension income. To learn more or apply for Later in Life Mortgage in Hayes contact Mortgage & Lifetime Solutions by calling 020 8462 0497 or 07966 299 247.

Later Life Mortgages Hayes

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Why not give me a call for a friendly no-obligation chat.

Please do not hesitate to contact me in the first instance on 020 8462 0497 or 07966 299247 or email robert.white@mortgagelifetime.com

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