Author Topic: Lifetime mortgages  (Read 2969 times)

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The Prophet

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Lifetime mortgages
« on: July 25, 2011, 10:17:28 am »
Lifetime mortgages are taken out by older people to supplement their income in retirement.
However it is still possible to move to a new home and transfer the mortgage as long as the new home is acceptable to the lender and more importantly,
not of lower value than the existing property. If this is the case some of the mortgage may need to be repaid out of the sale proceeds.


Albert

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Re: Lifetime mortgages
« Reply #1 on: August 02, 2011, 08:23:20 am »
It is probably best not to use/release the equity in your home if you can avoid doing so.
It limits your options.