A recent survey was done for those taking out Lifetime Mortgages as to how they used the monies raised:
55% to help their family
63% to pay for home improvements or renovations
17% to take a holiday
19% for getting care provided at home
57% to meet a shortfall in income
We have also seen a number of people taking out a Lifetime Mortgage to clear an existing mortgage – particularly an interest-only one which is reaching the end of its term and where the money is not available to pay it off, and where the people do not want to have to sell their property.
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