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Is it possible to get a lifetime mortgage on a second home if over 55
Elaine10
Posts: 1 Newbie
Hi
My Husband and myself are both over 55 and have finished paying off the mortgage on our house. Now the kids are older we want to downsize but I'm wondering if we might rent out our house and, as a completely separate entity so to speak, buy a new second property to live in but pay for it with a deposit (from our savings) and a lifetime mortgage.
I'm hoping that we can get a lifetime mortgage for the new property we will buy to live in without having to make any mortgage payments. I'm thinking our current house will be for our kids once we both die (assuming care home fees don't eat it up!) and for the new property with the lifetime mortgage, we just stay there until we both die or go into a carehome, after which the mortgage company takes the house to repay the lifetime mortgage loan. (I don't want to release equity in our current home to fund the purchase of a new property.)
Is any of this even possible, and if yes what are the hidden pitfalls (or indeed benefits)?
Many thanks if you can enlighten me on this sort of thing.
My Husband and myself are both over 55 and have finished paying off the mortgage on our house. Now the kids are older we want to downsize but I'm wondering if we might rent out our house and, as a completely separate entity so to speak, buy a new second property to live in but pay for it with a deposit (from our savings) and a lifetime mortgage.
I'm hoping that we can get a lifetime mortgage for the new property we will buy to live in without having to make any mortgage payments. I'm thinking our current house will be for our kids once we both die (assuming care home fees don't eat it up!) and for the new property with the lifetime mortgage, we just stay there until we both die or go into a carehome, after which the mortgage company takes the house to repay the lifetime mortgage loan. (I don't want to release equity in our current home to fund the purchase of a new property.)
Is any of this even possible, and if yes what are the hidden pitfalls (or indeed benefits)?
Many thanks if you can enlighten me on this sort of thing.
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