With a lifetime mortgage, there are typically no monthly repayments to make, as the loan, plus roll up interest, is repaid when the plan comes to an end. Usually, that’s when you, or the last remaining applicant, either passes away or moves into long-term care. With a lifetime mortgage, you’ll still retain full ownership of your home.
There are also plans which allow you to make voluntary payments typically up to 10% of the outstanding balance per year. This may be suitable if you want to leave an inheritance for your beneficiaries.
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