Older buyers may still have a mortgage and wonder what to do. Read a story about an older gentleman who sought financial help. The bank has written to ask whether the old man plans to pay off his mortgage in time. They have extended some terms that are vital for his future. Take a page from his life story and receive interest only loans. Equity release is a great idea that has been used by these home buyers.
Key Takeaways:
- One older man faced some difficulties with his mortgage. A mortgage is a home loan taken out against the house.
- The interest only loan concept has appealed to many home owners. They can simply pay down the loan and avoid different penalties.
- Mortgages in the UK have been a topic of conversation for many. Some feel like the idea is taken to an extreme by the banks.
“The advantage of an equity release mortgage is that you have no monthly payments to make.”