To many older home owners, using some of the equity that is locked within the value of their home is becoming an increasingly attractive proposition, but choosing the right product, or lender, often makes research confusing and decision making daunting.
Lifetime Mortgage products allow equity release to over-55s, with any loan agreed being fully paid off when the last person living in the property dies, sells the home, or goes into residential care – have been evolving in recent years. However, there are now new options to consider called Retirement Interest Only (RIO) products, which some home owners may like to consider as an alternative.
RIO Mortgage products are similar in several ways to standard interest only mortgages, in so much as only the monthly interest is paid on the monies borrowed, but there is no set end date. Again, the debt is only repaid when the last person living in the property dies, sells the home, or goes into residential care.
With so much variety now available in this over-55 market place, obtaining the right independent advice can be key to making the right decision for your exact circumstances, and here at The Financial Planning Group, being able to offer our clients mortgage products from the whole market opens up so many more options and offers. We have more than 25 years experience in helping families find the perfect low-rate deals and ensuring that the financial side of moving home is as stress free as possible.
If you would like to speak about options regarding equity in your home, please feel call Steve Padgham on 020 8614 4782 or email Steve.Padgham@fpgonline.co.uk
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