If you think that a mortgage is beyond you because even with a term of 25 years the payments are too high, then maybe you should consider getting a lifetime loan. These loans are literally for life, unless you pay them off before your death. They allow you to get property that you might otherwise struggle to finance, whilst keeping your monthly payments low. Although they have some benefits, there are risks involved too. If you are unfamiliar with lifetime loans, then here are some facts about their problems and advantages.
What is a lifetime loan?
A lifetime loan is just like it sounds; a mortgage loan that you can use indefinitely without paying back regular payments. You take out the mortgage and then pay back a minimal amount each month. If the mortgage is not fully paid by the time you are dead, then the remaining money is taken from the houses value.
Flexibility with money
One of the primary advantages of a lifetime loan is that it allows you flexibility to pay back your mortgage. If you can afford to pay back large amounts at some point, then you can do so. However, if you do not wish to pay back more than the minimum amount you do not have...
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