This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration
Lifetime Mortgages
With a lifetime mortgage, you take out a loan against the value of your home. The lender gives you a lump sum or monthly income or a combination of both. In most cases no repayments are made, the interest is rolled up and usually repaid when you die, or if you move out or move into care.
Some lifetime mortgage providers may allow you to take the capital in stages from a cash reserve. The benefit of a cash reserve is that the interest payable, and therefore, the total debt on redemption, builds up at a much slower rate. This is because interest only becomes payable when you take the capital.
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