Lifetime mortgages, distinct from traditional mortgages, often feature higher interest rates. However, the majority offer the assurance of a fixed rate for the entire duration of the loan. Interest is 'rolled up' or compounded, accumulating over the lifetime of the mortgage. While many plans allow flexible, voluntary payments to the lender, there is no obligation to do so.
The repayment, comprising the borrowed amount and accrued interest, typically occurs when the plan concludes, either upon the individual's passing or entry into long-term care. It's essential to comprehend these interest dynamics when considering a lifetime mortgage.
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However, this list is by no means exhaustive and we advise speaking to one of our expert Paxton Equity Release advisers as your next step.
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