In today’s world mortgage investment has is really trending with a great concern to many. Those in old age are also among the many that are on their toes to venture into mortgage industry. But the dilemma of many has worsened by the squeezed household finance with pensioners being the most hit by the decline in their income savings. The complexity with the older borrowers is usually severe for their big number with few lenders offering only the interest-only mortgages. The choices for older borrowers have increasingly narrowed due to the contraction of the mortgage market in the recent years. Nevertheless retired borrowers can still access mortgages, but before they do so, their repayment ability has to be determined by lenders. Some of the things that lenders verify include:

·         Current employment conditions

·         Current debt commitment

·         Current assets and wages

·         Credit record

·         Monthly fee on the mortgage.

·         Monthly fee on other mortgages on the property

·         Monthly fee for other responsibilities related to the mortgage for instance property taxes

·          Monthly obligation to income ration/ outstanding income the borrower carrying on with the mortgage.

Many people have been having questions whether old age people are discriminated by mortgage industry with many lenders refusing to provide loans into retirement and declining then unnecessarily. But with a clear verification by lenders on their eligibility, old age people can still access mortgages on their retirement.

However for many older borrowers there are a number of mortgages they can afford. Those suitable include:


Yes, pensioners qualify to have a lifetime mortgage, also referred to as pensioner’s mortgage. If you are aged 55 years and above and you considering a mortgage for yourself, it is significant to know what is correct for you. You can engage your family and or seek financial advice from expertise. In this type of mortgage the pensioner gets a loan against his/her home, either usual payments or lump sum or a blend of both. This is the only practical way out. This lifetime mortgage does not contain a rigid settlement date – instead, the debt balance is settled with the borrower’s demise or shift into lasting care. This kind of mortgage with a monthly interest payment is a suitable choice to those with no way of clearing their mortgage.


These kinds of mortgages presents you with an interest select options that can bring solutions to your mortgage burden. They are designed for those aged 55 years and above. They do not have a fixed settlement date. Interest only mortgages permit those who are already in retirement or those coming up to, to keep charge of their financials. The majority of borrowers I this case are usually used to monthly payments which many can afford.


In the mortgage industry there are also retirement mortgages which give one the accessibility to equity reserved in their homes to release money to be used in any purpose they choose for instance to boost their pension income, purchase a new property, do some home improvements or help out their grand children.  They include:


Many high interest lenders are gradually pulling out from the interest only mortgages. This influences both prospective clients, who are now under harsh limitations by the residual lenders such as banks who are providing interest only mortgages, and to existing customers only. If the current borrowers want to borrow more they are required to change to a repayment agreement, meaning their monthly costs increase as well as the interest charges. The old have an option of interest only lifetime mortgage since they are intended for those already in or approaching retirement.


Mortgages in your retirement age is usually long lasting commitments therefore you need to assess your financial status with an expertise who will advise you accordingly.

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