Retirement can create a new set of problems for every individual. Many people believe that after retirement people can relax and enjoy their life. However, the financial conditions these days make it quite impossible for a retired individual to relax and enjoy. In recent times, most people have been forced to take mortgage into retirement as paying off the mortgage before retiring has become downright impossible in tough financial conditions. Thus, with more people deciding to take mortgage into retirement and with most lenders not interested in allowing it, people over the age of 55 have cause for worry. However, www.interestonlylifetimemortgage.com offers a great alternative.
The website offers a great chance to procure interest only lifetime mortgage, a mortgage plan that allows you to take your mortgage into retirement with consummate ease. Interest only lifetime mortgage has a simple rule. You can continue to pay off the interest on your mortgage even after retiring which would keep the loan balance amount the same as it was.
This means that with interest only lifetime mortgage, it doesn’t matter whether you are 55 or 65 or 75, the lending company only requires you to pay off the monthly interest so as to keep the loan balance the same. When the house is sold, the loan amount would be cut from the property’s overall price.
The best thing about www.interestonlylifetimemortgage.com is that it helps you in a time when most lending companies are not offering you anything. For people over 55, extending the mortgage into their retirement has become difficult over the years. Here, interest only lifetime mortgage remains an excellent program. People over 55 can use it without even the need of having to show any income certificate.
Looking at other Products Too
How do you know you have the best product out there on the market? Interest only lifetime mortgages are certainly one of the best options because you are ensuring the principle balance remains the same. It offers you a way to afford your retirement too. Yet, it is not the only lifetime mortgage product on the market. You do need to understand that various equity release products work in different manners. With lifetime mortgages you use the cash generated from the equity release to pay any current mortgage off.
If you do not have a mortgage, then the cash you take out from equity is yours to use as you wish in any manner. The difference with the products in discussion in this section is that no interest has to be paid. Whether you take out a lump sum, drawdown, or enhanced equity release the interest remains unpaid like the balance until the very end of the agreement.
You may die in your home and leave the home to be sold at your death for the repayment to occur. You may decide to sell and move into a long term care facility in which case the mortgage is repaid at that time.
1. Drawdown – offers you an account to draw from when you need cash keeping interest low as it only attaches onto the money you actually use.
2. Lump sum – this can also become an interest only roll over product in that the money is rolled into a lump sum where the interest is not paid until the end. It is also sold as a fixed repayment in which interest is calculated at the beginning for an amount that will never change.
3. Enhanced – is an illness related mortgage in that a person receives a greater amount of money from the mortgage with the thought that they will not survive as long as the average retiree due to an illness.
Lastly an equity release that is not a mortgage is home reversion. With home reversion you sell all or part of the home in return for tax free cash. In this case you do not pay interest or a loan back. It does mean the home is sold no matter what.
While almost every lender doesn’t trust the borrower and requires an income certificate to allow taking mortgage to retirement, interest only lifetime mortgage requires NO income certificate which is a real blessing. All you need to do is to make sure that you pay the interest on time and you would have no problems on rolling up interest at all. Availing the offer would help you keep your inheritance while also having no need for you to show up an income certificate once you retire! So visit www.interestonlylifetimemortgage.com to learn more.