Products come, & products go; & we have seen the evidence of this by the unfortunate withdrawal from the mortgage market in August 2011 of the Halifax Retirement Home Plan.
The global financial crisis has been challenging for many, and retired people or those looking to retire have seen a large amount of value disappear from their pensions. This can be stressful and causes worry, but finance options are still available for those looking to supplement their retirement. Equity Release Supermarket has access to market leading interest only mortgages which are available only to people over the age of 55 & looking for ways to finance their retirement.
An example of such is the interest only lifetime mortgage is the Stonehaven Interest Select Plan. This is a unique and innovative option for many looking for additional financial relief in their retirement, but mindful of any inheritance that they wish to pass onto the heirs. Thus pensioner mortgages are now fully available to anyone over 55 & owning their own home.
The innovative Stonehaven Interest Select equity release scheme is unique among interest only mortgages as the total outstanding balance does not change. Instead of the interest rolling up like traditional equity release schemes, the interest on the Stonehaven Interest Select is paid monthly by direct debit. This is often done by the customer, but can be funded via the children or potential inheritors who are looking to keep the amount of debt on the property asset under control.
The great thing about the Stonehaven Interest Select equity release scheme is that the total amount of debt is managed for the duration of the interest only lifetime mortgage, making it a great financial product for those looking for interest only mortgages that don’t continue to eat into the ownership of the asset.
Due to this controlled nature, the Stonehaven Interest Select mortgages are fixed interest rate lifetime mortgages, the security of which many find appealing.
Stonehaven also provides a no negative equity guarantee, so even if the financial crisis worsens; there is no risk that a burden of debt will be passed on in the inheritance. These are two features which should be discussion points on any kind of interest only lifetime mortgages, as they provide important security and peace of mind.
Many people struggling to make ends meet during this financial crisis will be looking for ways to finance their retirement in a controlled fashion. Extra capital can really help to ensure that retirement is financially secure. At the same time, those looking for equity release schemes might be looking for control over how much value is traded for this additional security. Their research journey could start with the roll-up lifetime mortgage option, unaware that they are still eligible for an interest only mortgage even into retirement. Therefore, do not fall into the trap that some equity release brokerages will not advise this type of scheme is available. They may receive higher commission levels than payable by other companies, & this should not sway their advice.
Thats why approaching Equity Release Supermarket you will always receive comprehensive equity release advice; impartial & quality recommednations from experienced industry advisers.
They will discuss all your equity release options available, and endeavouring to find the right equity release solution for you. However, if your priority is to control the amount of equity that is being released from your main asset, then the Stonehaven Interest Select plan is THE innovative option to consider.
For further details on Stonehaven equity release plans please call Mark on freephone 0800 678 5159 or email [email protected].