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Should borrowers use a high street lender or a specialist for a lifetime mortgage?
Published: 23/12/2020
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Lifetime mortgages are becoming increasingly common as more consumers look to release the cash locked up in the value of their home. A lifetime mortgage is a type of equity release only available to homeowners aged 55 and over. It has become increasingly popular way for retirees to access tax-free cash to boost pensions, fund home improvements or for holidays with no need to pay the money back until after the borrower goes into long term care or passes away. The money borrowed does accrue interest and the amount of interest borrowers owe can quickly build up.