Lifetime mortgages come in four types: lump sum, drawdown, enhanced, and interest only. The first three options can use the same calculator because they are all similar in one thing- they compound interest onto the back of the loan until the loan is paid off. A lifetime mortgage is not paid until the homeowner dies or moves to long term care. At this time the full capital sum is to be paid along…
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Drawdown Mortgage
Why a Drawdown Lifetime Mortgage May Be Your More Favourable Scheme
Equity release schemes were launched by many companies to help people meet their financial requirements after their retirement by releasing the equity held in their home. Unluckily, most of the old equity release schemes turned out to be quite rigid in nature. In equity release schemes, people used to forecast their future fund requirements for the next five years and turn in an application to…