I speak with many clients who think that if their Interest Only Mortgage is due to end they will have to sell their home and move to be able to pay off the mortgage. Whilst this is a solution that could be considered, many people do not WANT to move and therefore Equity Release can be used as a safe and affordable alternative to moving house. There are many retirement lending options which are, essentially, Lifetime Interest Only mortgages so Equity Release can be a solution in this situation and can relieve the pressure of knowing there is an “end date” by replacing the mortgage with a lifetime scheme.
(The Guardian – January 2017).
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