Today there are thousands of pensioners that need mortgages, more of those retiring still have a mortgage so there is a real need for mortgages for pensioners. Believe it or not there is still a good choice of options at retirement, such as the Halifax Retirement Home Plan which is an interest-only mortgage or equity release lifetime mortgages for pensioners, such as the traditional roll up interest schemes.
The deciding factor with both these options is afford-ability, can you afford to make monthly payments of interest to the lender, if you can then to avoid roll up interest charges you should opt for the interest only schemes. For those that cannot afford the interest each month then drawdown lifetime mortgages offer a solution. These drawdown schemes let you borrow what you require initially and then drawdown addition funds as and when they are required, if ever.
Getting advice on mortgages for pensioners is vital, getting help and advice from an adviser will help you choose the right equity release mortgages for pensioners. An adviser will ask you about your short, medium and long term objectives and after examining your current financial position make a recommendation as to which of the mortgages for pensioners is most suitable for what you are trying to achieve.