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Mature Borrowers
Mature borrowers will find they can have different variations on mortgage loans schemes secured against their property almost regardless of their
age. For many older people,
the equity in their property is equal to it's value as they have paid off their mortgage. There are ways
that you can borrow money to release equity that might give you the extra you need to make your life that little bit more comfortable.
Mortgage
Mortgage lenders will consider you for a mortgage depending on your age and your income: your ability to make repayments. Click "apply online"
for this information.
Secured Loan
Secured loan companies will consider lending you a loan depending on your age and your income: your ability to make repayments. Go to
www.help-homeloan.co.uk for more information on secured loans or second mortgages.
Home Reversion Scheme
An alternative to a mortgage is a home reversion scheme. You can sell your property, or a share of your home, to a company in exchange for an income for life, this is a home reversion scheme. You effectively become a tenant who receives
and income rather than pays rent. On your death, they property is passed to the company. Be aware that the company that you enter into agreement with
will be entitled to any increase in value on your property. Click "apply online" for more information.
Home Income Scheme
Another alternative to a mortgage is a home income scheme. You can sell your property, or a share of your home, to a company in exchange for an income for life, this is a home reversion scheme. You effectively become a tenant.
You can secure a loan on your property and all or most of the loan is used to buy a purchased life annuity, this is a home income scheme. Each payment is regarded as a return of
capital and as such is not subject to income tax. You use part of the annuity income to pay the interest on the loan and the rest is for you to use
as regular income. Your loan would be paid off from the proceeds of the sale of your house following your death. Be aware that annuity payments could
affect age related benefits and you should seek financial advice before completing your loan. Click "apply online" for this information.
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