Retirement Mortgage Equity Release

What is a Retirement Mortgage for Equity Release?  Sometimes known as an 'IO' Equity Release (interest only).

• A mortgage debt on your home.

How does it work?

• It is an interest only mortgage scheme.
• You release equity and interest is charged every month.

Do I have to make payments?

• Yes, you pay the interest accrued each month.
• Provided you meet the interest payments, the debt will remain the same.

Is my home safe?

• You have a permanent right to live in your home until the day you die or sell your home or move or go into a care home
• If you do pay the interest off, the equity release company may look to convert the mortgage to a lifetime mortgage or indeed take action to force you pay the interest off

How much equity can I release?

• This will be linked to your income.
• You will not be allowed to release more than you can afford

Who are retirement mortgages suitable for?

• If you need flexibility to sell, move, have more money later
• If you may inherit money meaning your wish to pay the mortgage off
• If you plan to move, sell up and pay the debt off
• If you have a high, secure guaranteed income

Can there be negative equity?

• If you make all monthy interest payments, the debt will not mount up.

What sort of interest rates?

• Interest rates are usually similar to normal mortgage rates and sometines around 1% higher
• There are both fixed and variable interest rates

Can I release more later?

• Yes, but again this will be linked to your income
• You will only be allowed to borrow more if you can afford it
• Contact  Call Back  Calculators