Roll-up mortgage
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With a lifetime mortgage, often referred to as a roll-up mortgage, you receive funds for which there is interest payable, however this interest is added to the sum released, so that you don’t have to pay it on a monthly basis.
The amount of debt builds up over time as the interest is added to the initial sum, and the final sum, including interest, is cleared when you decide to sell the property or die.
The funds can be taken as a lump sum or regular income, and can even be set up with a credit facility such that you agree a percentage of the property value to be available to be drawn down at any time – whenever you need it!
We can refer you to a recommended and experienced broker who can pass detailed illustrations for the schemes that are available so that you can fully understand the terms and conditions.