Retiring is a large business now for many companies. They are there to make sure that people have options when it comes to retirement time and so they have the money they need when they retire. The business of retirement is a large part of any economy as well. Historically people are working longer and later into life than ever before.
With this in mind, people will need to have more saved for retirement and hopefully they can even retire sooner as well. Instead of having to work well into their golden years. To make this happen there are options available when it comes to the homes that a soon-to-be retiree owns.
There is the option of the interest only lifetime mortgage out there. This is the mortgage that is similar to the life time mortgage, with equity out, while at the same time there is only the interest that is paid on the mortgage instead of any principle being made.
This means that the payment never changes for the life of the mortgage. This can be a great option for people that are close to retirement age, but still working, but would like to lower their monthly mortgage payment as well.
The mortgage is not repaid until the home is sold, however, beneficiaries will still receive an inheritance, less the amount of the loan.