Can You Move Home? Yes. Because you remain the owner of your home, you may sell the property at any time. In certain circumstances, it may also be possible to transfer the lifetime mortgage to another eligible property, subject to Spry Finance’s criteria. If the new property has a lower value, partial repayment of the loan may be required. Understanding Compound Interest Unlike a traditional repayment mortgage, interest on a lifetime mortgage is generally added to the loan balance each month if repayments are not made. Future interest is then charged on both the original loan and the accumulated interest. As a result, the amount owed can increase significantly over a long period. We provide personalised illustrations showing how this may affect your remaining home equity over time. Is a Lifetime Mortgage Right for You? It is not suitable for everyone. Before proceeding, it is important to consider your future financial needs, the impact on your estate, alternative sources of income, and the potential impact on future borrowing. Independent financial and legal advice are important parts of the decision-making process. Why Choose Engage Financial Solutions? At Engage Financial Solutions, we take the time to understand your complete financial position before recommending any solution. We explain every aspect of the product in clear, straightforward language, helping you understand both the opportunities and the risks involved. Contact us today to arrange a confidential consultation.