The number of options available for Lifetime Mortgages continues to increase. The money withdrawn can be taken as a single lump sum, as an initial lump sum with the option to take further drawings later, or as an income over an agreed number of years.
And you can choose to allow the interest to roll up without making a payment, or to pay the interest monthly as with a standard interest-only option, or to make lump payments annually for up to 10% of the amount owed. The interest rates have also moved downward over the last year or two. If you are over 55, these options will be open to you. Do feel free to ring us to discuss what may be possible.
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