If you’re over the age of 55 and looking to get a mortgage, you may be wondering what your options are. While it’s true that getting a mortgage in later life can be more challenging, it’s not necessarily impossible. Sexton Financial Services is a company that specializes in helping people over the age of 55 get the mortgage they need. In this article, we’ll take a closer look at later life mortgages and how Sexton Financial Services can help you get one.
What are Later Life Mortgages?
Later life mortgages, also known as equity release mortgages, are mortgages specifically designed for people over the age of 55. These mortgages allow you to access the equity in your home, which is the difference between the value of your home and any outstanding mortgage or loan payments. There are a few different types of later life mortgages to choose from, including:
- Lifetime mortgages: A lifetime mortgage is a type of later life mortgage that allows you to borrow money against the value of your home. The loan is secured against your home, and you can choose to either make payments on the loan or let the interest roll up and be paid off when you sell your home or pass away. One of the benefits of a lifetime mortgage is that it allows you to access a portion of the equity in your home without having to sell it or move out. This can be a good option for those who want to stay in their home and maintain their independence.
- Home reversion: A home reversion mortgage allows you to sell a percentage of your home to a lender in exchange for a lump sum of money or regular payments. The lender retains ownership of the percentage of your home that you sell to them, and you can continue to live in your home as long as you wish. When you sell your home or pass away, the lender receives their share of the sale proceeds. Home reversion mortgages can be a good option for those who need a significant amount of money upfront and are willing to give up a portion of their home in exchange.
- Interest-only mortgages: An interest-only mortgage is a type of later life mortgage that allows you to pay only the interest on your loan each month. This type of mortgage can be a good option for those who don’t want to make monthly payments on the principal of their loan. However, it’s important to keep in mind that with an interest-only mortgage, the principal of the loan will still need to be paid off at some point, either through the sale of the home or through other means.
How Sexton Financial Services Can Help You Get a Later Life Mortgage
Sexton Financial Services is a company that specializes in helping people over the age of 55 get the mortgage they need. Later life mortgages help homeowners with insufficient income and Sexton Financial Services can assist in finding the right mortgage solution for your needs. Whether you’re looking for a lifetime mortgage, a home reversion mortgage, or an interest-only mortgage, Sexton Financial Services can help you find the right option for your needs.
One of the benefits of working with Sexton Financial Services is that they have a team of experts who understand the unique challenges and needs of those over the age of 55. They can help you navigate the mortgage process and find a mortgage that meets your needs and budget. In addition, Sexton Financial Services has a wide range of lenders on its panel, which means they can find you a mortgage with competitive rates and terms.
When you work with Sexton Financial Services, you’ll have access to a dedicated mortgage adviser who will work with you to understand your financial situation and help you find the right mortgage solution. Your adviser will take the time to explain your options and answer any questions you may have, so you can make an informed decision about your mortgage.
In addition to helping you find the right mortgage, Sexton Financial Services also offers a range of additional services, including mortgage protection insurance, home insurance, and will writing services. These services can help you protect your home and your family in the event of a financial emergency or unexpected event.
Conclusion
If you’re over the age of 55 and looking to get a mortgage, Sexton Financial Services can help. As a company that specializes in later life mortgages, Sexton Financial Services has the expertise and resources to help you find the right mortgage for your needs.
Whether you’re looking for a lifetime mortgage, a home reversion mortgage, or an interest-only mortgage, Sexton Financial Services can help you find a mortgage that meets your needs and budget. In addition, Sexton Financial Services offers a range of additional services, including mortgage protection insurance, home insurance, and will writing services, to help you protect your home and your family. So, if you want to get a mortgage in later life, consider working with Sexton Financial Services.
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