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crosby
Apprentice
Joined: 16 Feb 2007
Posts: 8
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 Posted: 11/12/07 - 06:56 Post subject: |
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| Is it better to get some kind of fixed mortgage or, maybe, a lifetime mortgage? I would like to know what’s better and what brings more security, is there any way to change my eventual lifetime mortgage to ordinary, or to repay it during the life? It seems like rather big obligation, since it has no ending, what do you think about lifetime mortgages? I would like to hear different opinions. |
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byron
Apprentice
Joined: 08 Feb 2005
Posts: 6
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| Posted: 12/12/07 - 04:29 Post subject: |
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| Lifetime mortgage is a loan, like any other mortgage. It is meant to be secured with the house of the person who takes the loan, and it has some specifications when comparing to other mortgages. When a borrower dies, a house that was on the mortgage belongs to the institution that borrowed the money, and during a borrower’s lifetime that house belongs to him. Only after his death things are changing and loaner has the right to sell it or do whatever he wants with it. |
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