Lifetime mortgages may not be the right option for everyone, so consider carefully whether it is right for you.
Currently, around 30% of equity release mortgage borrowers go straight to a provider for their scheme. But note that consumer watchdog Which? recommends that you should always consult a financial adviser or broker when it comes to arranging equity release mortgages.
It is very important to involve your family at an early stage, not least so that it does not come as a big surprise when it comes to selling the home and repaying the loan.
Research has found that over three-quarters of grown-up children would be happy to give up part of their inheritance so that their parents could make the most of their retirement years, but again this is something you should talk through so that all parties are in agreement.
If you have spoken to an adviser and talked through your plans with your family, and there are no problems, then a lifetime mortgage could be right for you.
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The January/February 2012 issue of Your Mortgage is on sale now. In it we feature expert predictions on what will happen to house prices, interest rates and the wider economy in 2012. We also explain the latest State help for first-time buyers, weigh up the relative merits of offset mortgages, and offer handy hints and tips on making sure you have the right home insurance in place. Plus we have all the regular features and our invaluable mortgage basics section. Get your copy now for the latest news, information and help
