When You Should Contact Stonehaven
When thinking about an interest only lifetime mortgage, you may become overwhelmed with the abundance of information that you may find on the Internet. To understand it better you may want to go to Stonehavenequityrelease.info or contact Stonehaven by phone to get an idea on how much you could be paying out of your pocket each month. In order to find that out, you will need to use an equity release calculator found on the site. On the site, it will list the different companies that offer interest only lifetime mortgages and what their fixed rate schemes are. It is best to stick with a fixed rate because you will know exactly how much your monthly payment will be for the future.
A variable rate can be dangerous in the sense that if interest rates increase considerably pensioners will be left stranded with their payments. In order to make sure that you are selecting the right company to obtain an interest only lifetime mortgage, you should contact www.ReleaseOfEquity.org.uk. They can provide impartial and independent financial advice on which of their range of products to select and the best lifetime interest rate.
The financial adviser will explain what can happen with an interest only lifetime mortgage and what options you have. For instance, with Stonehaven you can switch from an interest only to a roll-up equity release plan at any time. When you want to change from one mortgage to another you should contact an independent adviser, so that he or she can give you advice on what steps you will need to take.
The adviser can let you know if an early repayment charge has to be paid before switching. The adviser will also let you know the pros and cons of switching. For example, if you need to keep your monthly payments low, you may want to stick with an interest only for a while.
With a lifetime interest only mortgage, you just pay the interest for the rest of your life. If you still owe a loan on your home, you begin making monthly payments on it after the interest is paid. The adviser may let you know what you can do if you want to have your home paid off by a certain date. For instance, if you can afford it, you can pay the loan and the interest each month. This way once the interest is paid, it won’t seem as if you are behind in your mortgage payments.
As you can see many options are available and fraught with dangers should the wrong selection be made repossession being one danger you could face. Consult specialists such as Stonehavenequityrelease.info & Compare Equity Release.com to obtain best advice. You can contact Stonehaven before you conduct more research on your own.
To give you a clearer picture of the lifetime mortgage situation interest-only and rollup will be examined in further detail:
• Interest only requires a monthly payment; roll-up lifetime mortgages do not.
• Roll-up lifetime mortgages accrue interest throughout the life of the loan and this interest along with the principle balance is due at death or when you move to a long term care facility. Interest-only options leave only the principle balance.
• Both types of lifetime mortgages may charge you penalties for early repayment; however, certain companies may not have these charges.
• You will need to be 55 years old at least to enter into either plan.
• The longer you have your mortgage outstanding the more interest you will pay, even on a fixed interest payment. Fixed interest may not change in how much the APR (annual percentage rate) is, but it will still compound on your payment or need to be repaid monthly based on the plan you choose.
You can protect your home and inheritance better with lifetime mortgage schemes. For this reason contact Stonehaven to see what option will best suit you. Speaking with qualified financial advisers regarding interest-only or roll-up mortgages is a good idea. Also speak with family about your possible mortgage so they know what they will need to do when you move on.
Leaving a burden behind is never fun for the remaining family. They should be aware of your financial situation and what you would like to do to make your last years easier. When you have the funds to take out an interest-only equity release it may be the better choice. At least when you contact Stonehaven you will have a better idea of what fits your situation and needs.