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Kevin Roberts, Director at Legal & General Mortgage Club responded to the query, stating: “57 is certainly not too old to be considering your mortgage options. A growing number of people in Britain are taking mortgage debt into retirement while others are taking out mortgages to downsize or make home renovations.
“For those approaching or in later life who need to find a mortgage, there are a growing number of options including traditional fixed rate mortgages, as well as specialist products like equity release which are only available to people aged 55 and over.
“Knowing which one is ‘right’ for you is all dependent on your individual circumstances and needs, so the most sensible first step to understanding which to choose should be seeking professional advice. An independent mortgage adviser will take into consideration things like your retirement income, spending and later life plans to make an informed decision about which options best suit your needs.
“The retirement lending market is growing and there are now many more specialist products for the over-55s. A lifetime mortgage, often referred to as equity release, is one of these options and allows homeowners aged 55 and over to unlock a portion of their housing wealth as either a cash lump sum or even as a monthly income.
READ MORE: Pension: How over 55s can ‘take control’ of finances amid COVID-19