What is a Lifetime Mortgate?
A Lifetime Mortgage involves taking a type of mortgage which does not require monthly repayments, although with some plans, rather than rolling up the interest, you can opt to make monthly repayments if you wish.
You do retain ownership of your home and interest on the loan is rolled-up (compounded). The loan and the rolled-up interest is repaid by your estate when you either die or move into long term care. If you are a couple, the repayment will be made when the last remaining person living in the home either dies or moves into care. This means that both you and your partner are free to live in your home for the rest of your lives.CONTACT US