Legal Warnings
The following warnings contain important and useful information so please read them carefully.
WARNING: WHILE NO INTEREST IS PAYABLE DURING THE TERM OF THE MORTGAGE, INTEREST IS CHARGED EACH MONTH AND ADDED TO THE AMOUNT OWED. THE AMOUNT OWED PLUS THE ADDED INTEREST IS THEN PAYABLE IN FULL IN CIRCUMSTANCES SUCH AS DEATH, OR PERMANENT VACATION OR SALE OF THE MORTGAGED PROPERTY.
WARNING: UNLIKE CERTAIN OTHER MORTGAGES WHERE INTEREST IS CHARGED ON A SUM THAT DECREASES WITH TIME, INTEREST ON LIFETIME MORTGAGES IS CHARGED ON AN INCREASING SUM (MADE UP OF THE OUTSTANDING MORTGAGE AND ADDED INTEREST AMOUNTS), AND THEREFORE THE TOTAL AMOUNT OWED CAN INCREASE QUICKLY. AS YOU ARE NOT REQUIRED TO MAKE ANY SCHEDULED REPAYMENTS, THE INTEREST ON YOUR MORTGAGE IS ADDED TO YOUR OUTSTANDING DEBT ON A CONTINUAL BASIS AND YOU ARE EFFECTIVELY CHARGED INTEREST ON THAT INTEREST. THIS IS CALLED ‘COMPOUND INTEREST’.
WARNING: THE LONGER A LIFETIME MORTGAGE REMAINS UNPAID, THE MORE MONEY YOU WILL OWE AND THE AMOUNT YOU OWE COULD EVENTUALLY COME CLOSE TO OR EQUAL, THE VALUE OF THE MORTGAGED RESIDENTIAL PROPERTY.
WARNING: PURCHASING THIS PRODUCT MAY NEGATIVELY IMPACT ON YOUR ABILITY TO FUND FUTURE NEEDS. BEFORE PURCHASING THIS PRODUCT, YOU SHOULD GET INDEPENDENT LEGAL OR FINANCIAL ADVICE.
Our retail division Spry Finance will be very happy to explain all about our lifetime loan product for new customers and to guide you through the application process. Please click here to visit them for information about lifetime loans and how to apply.