More over 55s turning to lifetime mortgages

The number of people over the age of 55 turning to lifetime mortgages is rising according to research by Bower Home Finance.

The analysis says that the is rise is a bid to ease rising costs and interest rates.

A lifetime mortgage allows enables homeowners aged 55 and above to access tax-free cash by release equity from their property, providing them with an additional source of income.

Bower Home Finance Chief Executive Officer Geoff Charles said “As mortgage rates continue to rise, we are seeing a notable increase in individuals turning to lifetime mortgages as an option to repay their mortgage with no or optional monthly payments.”

“With affordability becoming a significant concern, lifetime mortgages offer a lifeline for homeowners seeking financial stability while preserving their independence and quality of life.”

“By unlocking the equity in their properties, individuals can access tax-free funds to support their living expenses and enjoy the lifestyle they deserve.”

Bower Home Finance Chief Commercial Officer Andrea Rozario said “Many homeowners are turning to lifetime mortgages as a viable solution to rising rates. The benefits of a lifetime mortgage are compelling but encouraged people to contact the Equity Release Council for guidance and to discuss any concerns.”