Borrowing in Retirement

As borrowers get older, there can be many reasons why homeowners might want to release a lump sum from their property - they may have an existing Residential Mortgage coming to the end of its overall term, or the borrowers may wish to release equity for many purposes.

An equity release mortgage allows those who are aged over 55 to obtain a lump sum of funds without having to sell and move from their home - until either they choose to sell the property, move into long term care, or pass away.

There are no general rules about how the money should be spent, meaning that the lump sum generated can be used for anything from helping a family member, home improvements, general expenditure, going on a dream holiday, or even debt consolidation.

During our advised process we will explain how Equity Release works and how you can progress - taking into account your personal circumstances, we will investigate all available options available to you - this could include a Standard Mortgage into Retirement, Retirement Interest Only (RIO) Mortgage, or a Lifetime Mortgage (one form of an Equity Release mortgage).

For information on our Equity Release services, please contact us.

Equity release refers to home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration. We do not give advice on home reversion plans.