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A retirement mortgage is a type of mortgage designed specifically for retirees or people approaching retirement age who have limited income streams but significant equity in their homes.
The basic idea of a retirement mortgage is that the borrower can release some of the equity in their home in the form of a loan, without having to sell the property. The loan is secured against the value of the property, and the borrower is typically not required to make monthly payments. Instead, the interest on the loan is added to the outstanding balance and repaid when the property is sold.
Retirement mortgages can be a useful tool for retirees who need additional income to supplement their retirement funds. However, they are not suitable for everyone, and borrowers should carefully consider their options and the terms of the loan before committing to anything. It is also important to be aware of the potential risks, such as the possibility of negative equity if property values decline, and the impact of the loan on any inheritance that may be left to heirs.