Equity Release and Later Life Lending
After years of working hard to make monthly repayments, your home is likely to be your biggest asset, particularly if you have beneﬁted from an increase in house prices over the last few decades. The value of your home, minus any outstanding mortgage and any other loans secured against it, is referred to as equity.
This equity is often passed on as an inheritance, however an increasing number of people are tapping into some of this wealth to help boost their retirement ﬁnances. It’s not suitable for everyone, which is why it’s important to get expert equity release advice before you make a decision.
Retirement interest only mortgages
A retirement interest only mortgage (RIO) is a mortgage that allows you to pay off the interest on the amount borrowed. The loan is repaid when the plan comes to an end when you (or the last remaining applicant) either pass away or move into long term residential care. RIOs are typically available to people over the age of 55 who have retired.
Later life residential mortgages
If you thought you were too old for a standard mortgage or can't find a conventional one to meet your needs , we can refer you to our expert mortgage advisers to help. Later life residential mortgages can be used to buy a new property, remortgage an existing one, or release additional funds. It can be on a capital repayment or interest only basis
Next Steps for Equity Release
To make sure that you receive the best possible advice, we have set up a dedicated place where specialist equity release advisers can advise you on this type of mortgage lending. MAB Later Life work with Key Retirement Solutions who provide our Later life lending proposition.
- Visit: www.mablaterlife.com
- Call: 0800 188 4826
- Email: email@example.com
Because we play by the book we want to tell you that…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.