The Best Mortgage for You
A lifetime mortgage is a mortgage that does not have an end date and these lifetime mortgage providers are the best on the market. It’s the perfect option for those who plan on living at their current home for the duration of their lifetime, or until they decide to sell it. With this type of mortgage, you never have to worry about refinancing your loan and paying all those costly fees again because you are always free from owing more than your home is worth. And as long as you continue making payments on time every month, there will be no pre-payment penalties!
This article discusses what a lifetime mortgage is and how it can benefit people who want to live in the same house forever but don’t want to keep having to refinance their loans over and over again.
Let’s start with the basics. A lifetime mortgage is a type of home loan that does not have an endpoint (the date your loan ends). Instead, it’s essentially like you’re paying off the interest on your loan every month until either the house has been paid for or until you decide to sell.
For example, let’s say you take out a $100k lifetime mortgage with monthly payments at 14% APR and no pre-payment penalties in California where houses go for about $700k today but could increase by another 20% over the next year due to market conditions firming up – when all things are considered including applicable taxes and closing costs etc., this means that if we use some conservative assumptions based upon historical data going back decades, we would expect your house to be paid off in about 17 years (based on a $100k loan).
When you think of lifetime mortgages, what comes to mind is that these home loans don’t have an endpoint. This means that as long as you keep paying your monthly payments, there will never be any pre-payment penalties or refinancing costs ever again!