Lending options include:

Lifetime mortgage: You retain ownership of your home and take out a mortgage secured on your property. Our advisers will help you understand all of your options, having understood your personal circumstances, and your immediate needs. There are various lifetime mortgages available, depending on your needs. You are under no obligation to make any capital and interest repayments as the capital and interest will be accrued onto the loan. However, some lenders will allow you to cover the interest monthly if you chose to. Any outstanding loan amounts, along with accrued interest, is paid back when you pass away, or should you move into long-term care, it will be repaid then. The type of lifetime mortgage you choose depends on your own needs and circumstances.

Retirement Interest Only Mortgage (RIO) This is similar to a lifetime mortgage, but eligibility doesn’t just look at the property value. It also looks at your income and assesses affordability. There may be the potential to borrow more with an RIO mortgage if you can comfortably afford the interest repayments. The advisers here at ME can help you to understand this option in relation to your own circumstances fully.

Home Reversion Scheme: With a Home Reversion Scheme, you sell all or part of your property for less than the market value. You continue to stay in your home usually rent free (please note, we do not advise on these schemes and can refer you to a specialist if required)

Interest-only mortgage: This is another borrowing option whereby you will only pay the interest on the borrowed amount, with the full loan amount being repaid at the end of the mortgage term. For most lenders, the maximum age for these mortgages is 70, but some do go up to 95. Lenders will generally require a minimum equity amount along with a repayment vehicle (savings, investments, other assets you have). Like RIOs, these are also assessed on income and affordability.