Mortgages for the over 55s

nomisnotrab

The "Should you equity release?" guide does not mention mortgages for those over 55 ears of age.

I have no mortgage and own my own home. I'm in my 60s and would like to help my son to buy his own home by giving him the deposit. I plan to raise the money using a mortgage (on my home) for the over 55s from a leading high street building society (am I allowed to name them in this forum?). In due course I will inherit this money - then I can pay it off.

These mortgages can be repayment or interest-only, and can run until age 85. They seem to me to be a real alternative to the equity release options listed on the MSE site-perhaps they could be included when that page is revised?

RetSol

Thank you for posting, @nomisnotrab. 

I suggested to MSE that they start a board on the subject of later-life borrowing and they suggested starting a thread in order to gauge interest.

So I started this thread - https://forums.moneysavingexpert.com/discussion/6282423/mortgage-borrowing-semi-retirement-and-beyond#latest. 

I would be interested to hear how you get on.  

Keep_pedalling

nomisnotrab said:

In due course I will inherit this money - then I can pay it off.

Never rely on an inheritance that you may never get. I am assuming that you are thinking about your parents, but that could be eaten up by care costs, or they might spring a surprise and verve it all to the cats home.

ex-pat_scot

Keep_pedalling said:

nomisnotrab said:

In due course I will inherit this money - then I can pay it off.

Never rely on an inheritance that you may never get. I am assuming that you are thinking about your parents, but that could be eaten up by care costs, or they might spring a surprise and verve it all to the cats home.

Quite.
Plethora of anecdotes about:
- wills being not in child's favour
- equity release having been taken out and exhausted the value of family home at death
- IHT having to be paid out of residual estate, greatly reducing payout to certain beneficiaries
- care costs destroying parental assets
- later life remarriage and changes to will / beneficiaries / step parents and their children

Planning on an inheritance is a fool's game. You can't predict time of demise, future spend patterns (care), or know the full financial circumstances, will details etc. You might know some of this, but it's unusual to have a complete picture.

missile

OP post doesn't make sense.

In due course I will inherit this money - then I can pay it off