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Optional payment Lifetime Mortgage
veesharp
Posts: 21 Forumite
I’m presently looking at a new lifetime mortgage plan on the market just this last couple months (OPLM) to pay off my IO mortgage and free up some equity from my property. (Not sure whether I can quote the company?) I intend to continue paying interest that I’m used to paying and can choose to over pay up to 10% as and when. This is so my daughter still has inheritance when I leave this planet, ( but not if I go into a home!). She may also choose to pay towards the interest... however if I choose to stop paying, the interest owed soon racks up. There’s protection against going into negative equity. Seems like a great deal to me as I want quality of life now instead of continuing to live in poverty... my daughter agrees. I’m considering it from all angles before I go ahead and if anyone has any advice, please let me know.
Ps I’m considering downsizing also but do love the home I’ve been in for 30 years
Ps I’m considering downsizing also but do love the home I’ve been in for 30 years
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