Homeowner options for the over 70s
Once you reach age of 70 your loan options begin to change. That is not to say that it is impossible to obtain a loan if you are over this age limit, but it is worth understanding how age can affect borrowing.
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Equity Based Finance
- This is the most popular option and is available to all homeowners aged seventy and over.
- It also allows you to remain in your current home.
- The criteria for the loan you require is based solely on the equity available in your property.
- There are no affordability calculations, age considerations, no credit checks required and no monthly payments to make
- All that is required to obtain the finance you require is a valuation of your property
- A property with a large amount of equity is of no practical use to a homeowner if they cannot afford to live the remainder of their life in relative comfort.
- You should look at this option as financing your home to upgrade your life.