Older homeowners often have a lot of equity in their home. A Lifetime Mortgage in Surrey is a convenient way to take advantage of that situation. A Lifetime Mortgage can enable the homeowner to raise money to travel the world, remodel their kitchen or bath, buy that luxury car they have long had their eye on or help the grandkids with their university tuition.
How the Lifetime Mortgage in Surrey Works
As homeowners get older their thoughts naturally turn to taking advantage of all the equity they have accrued in their home. At the same time, they are not of a mind to simply sell their house outright and start living in a camper van full-time. The solution? The Lifetime Mortgage.
The Lifetime Mortgage enables you to hold onto your Surrey home while at the same time indulging your wanderlust or your pent up desire to travel to exotic places. One of the things that people love about the Lifetime Mortgage is that they can opt-out of monthly payments if they wish.
You read that correctly. If you do not want to make monthly payments on your Lifetime Mortgage you don’t have to. Upon your passing, the home will be sold to satisfy the loan and your heirs will receive what is left.
