What is a lifetime mortgage?

As the name suggests, a lifetime mortgage is a long-term loan secured against your property. This is the most popular type of equity release plan for homeowners aged over 55. But unlike traditional mortgages, there are typically no monthly repayments to make. Instead, the interest rolls up and is repaid with the amount borrowed when your plan ends. In the same way that traditional mortgages vary from lender to lender, so do lifetime mortgages. With so much choice, it’s important that you speak to an impartial broker, such as Equity Release Supermarket. Because we’re truly independent and not tied to any lender, your local adviser will search the whole of the market to find the right deal for you. To find out more about lifetime mortgages, call one our expert advisers today.

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