Mortgage Alternatives For The Over 60s

Mortgage For the Over 60s

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Mortgage Alternatives

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There is no denying that lenders are taking a greater risk with borrowers who are nearing or have passed the age of retirement. Based on this higher risk, most lenders will aim to achieve a higher rate of return from these mortgages. Whilst there is a call for lenders to be competitive, these types of mortgages are unlikely to be the cheapest on the market and it is prudent to consider alternatives to financing a property.

A classic example would be to look at the range of mortgages that are aimed, and indeed favour, the more mature borrower. The generic term for this type of mortgage is a lifetime mortgage or an equity release plan. These types of mortgage plans commonly offer lump sums or regular payments that can supplement income and will generally become more cost effective, as time goes on.

Standard Mortgage or Equity Release

As a mature borrower, one of the main questions that you must ask yourself is whether you should be looking at a standard mortgage, albeit over a shorter length of time, or whether you should be considering a home equity release scheme.

Home equity release schemes fall into the general category of being lifetime mortgages and are dealt with in more depth in a specific article. Although home equity plans are very popular and for many people an excellent way to allow borrowers to have the benefit of the equity that has built up in property without the need to actually move house or to downsize, these plans are not for everyone.

For many people, a home equity plan can be both expensive and place unnecessarily onerous restrictions on the owner if they decide to move or sell the property, in later years. For those who are wary of taking out a home equity plan, a standard mortgage aimed at the needs of pensioners may offer the necessary cash and flexibility.

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