Are there alternatives to equity release?

Is equity release the only way to borrow in later life? The answer is no! 

Equity release can work for some people, but there are other options that might suit you better. 

At Perenna, we want to give you more choice. Our goal is to help you enjoy your retirement without financial stress. 

What are your alternatives? 

1. Traditional Mortgages (still an option in your 60s!)

Think you are too old for a mortgage? You are not. 

At Perenna, we don’t have an upper age limit. If a traditional mortgage suits your budget, it could be a great option. 

• Fixed monthly payments – Easy to manage. 

• Pay down the loan over time – Own your home outright. 

A traditional mortgage can also help you build wealth and pass your home on to future generations. If you decide to sell, you could use the proceeds to pay off the mortgage.

2. Long-term fixed-rate mortgages = stability for your future

Many people worry about rising interest rates when taking out a mortgage later in life. A higher rate can increase your payment, which is tough if you’re on a fixed income. 

With a Perenna long-term fixed-rate mortgage, your monthly payments stay the same for the full mortgage term. This gives you certainty and peace of mind. 

Plus, after five years, there are no early repayment charges. So, if you decide to explore other options, like equity release, you can do so without penalties.

3. Retirement Interest-Only (RIO) mortgages

Want to keep your monthly payments low? A Retirement Interest-Only (RIO) mortgage could be the answer. 

With this type of mortgage, you only pay the interest each month, keeping payments lower while preserving more of your home’s value. 

It also provides flexibility during life changes, like after a partner’s passing. 

More mortgage choices than ever before 

In the past, options have been limited for borrowers in later life. But not anymore! 

Whether you want to: 

• Pay off an existing mortgage 

• Fund home improvements 

• Help family with a house deposit 

There’s a mortgage to suit you. 

You could lose your home if you don’t keep up your mortgage repayments. 

Correct at time of publishing.