Sunday, May 08, 2005

Mortgage and Refinance Articles

But, what of the life after the pension mortgage is paid. Is the life ahead as smooth as the repayment? No, it is not. You have retired and have lost a source of income. You are not in the prime of age to device new sources of income. You need something to rely upon once you retire. Utilizing cash from pension fund for paying a pension mortgage will be inappropriate. This reduces the amount of pension available for the customer to use.Another feature, which can be seen as exploitative, is that one cannot go for full and final repayment until the age of 50. This is because a person is not authorized to use any part of the pension fund before they reach the age of 50. Therefore, one will be able to repay the pension mortgage before maturity only out of other resources.Yet another feature of pension mortgage, which will give you goose bumps, is that there is no guarantee of the pension fund being able to pay the pension mortgage. A pension fund is an investment linked to the stock market. The amount available on the pension fund will depend on the whims of the stock market. Thus, there can be a scenario where the lump sum received through pension is not able to pay the pension mortgage in full. The borrower in such cases may be called upon to meet the deficit through other resources.A similar scenario may occur when the borrower is not able to pay into the pension fund because of unemployment or death. The house will be repossessed to pay off the pension mortgage. Taking a life assurance policy can be a counteractive measure. This will help pay off the pension mortgage at the time of repayment.There are numerous lenders in the UK offering pension mortgages. Many of the lenders are available online. After having screened the lenders and making a list of few lenders, it will be good to contact the lenders personally.Before taking a pension mortgage one must be extra vigilant. A pension mortgage can endanger your after retirement life. Unbiased and professional advice on the viability of pension mortgage for your individual case will be beneficial.Aditya Thakur works for UK secured loans web site .To find a UK secured loan that best suits your needs visit http://www.ukfinanceworld.co.ukArticle Source: http://EzineArticles.com/
Return to Index | Home PageReal Estate With No Credit Checks!Clickbanks #1 Rated Real Estate Program for 2 years! and their Number #1 Finance program for over 1 year! (that's a CLUE!Build Massive Wealth With Foreclosures.Step by step formula for building massive wealth through real estate foreclosures. Affiliates earn up to $76.How To Build Your F
Comments: Post a Comment

<< Home

This page is powered by Blogger. Isn't yours?