Your home may be repossessed if you do not keep up repayments on your mortgage.
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However, you may find that at first lenders appear rather stingy when it comes to providing remortgages and mortgages for the over 70s.
Banks don't like taking risks - unless there's something in it for them - so have traditionally viewed over 70 mortgage deals as slightly dodgy investments.
Thanks to the fact people are living longer now and may have earned or saved more money as a result of their longevity, lenders are actually getting more willing to open their purse strings and fork out some cash. After all, there's money to be made.
This means opportunities to get a good deal do exist to if you compare mortgages for over. Here's how you can smoke out the best mortgages for over 70 year olds.
If you know what it is you want then there's a better chance you'll get a good deal for it. You need to work out how much money you need to borrow and the loan-to-value (LTV) ratio - basically how the loan compares to the house's actual value.
If you're buying a new house, you'll need to cover the rest with a deposit. You shouldn't need an additional deposit to remortgage provided the LTV you're asking for will pay off the existing loan.
Remember that the amount of money you borrow depends on your ability to pay it back - so think about whether your pension, investments, savings or even earnings can cover your repayments.
Exactly what you pay back on mortgages will ride on whether you choose a variable or fixed rate mortgage deal.
Mortgaging or remortgaging, it's worth knowing about the difference between fixed and variable rate mortgages for over 75s.
Interest on a fixed rate mortgage stays constant throughout its initial promoted period; the amount you pay each month will also be the same.
This means that, if you get a mortgage for over 70 years old and will find it easier to budget for each repayment, you already know how much needs to be set aside each month.
Variable and tracker mortgages can fluctuate depending on the Bank of England base rate. This can be handy in times of low general rates because you'll pay a smaller amount; however if it jumps you'll end up paying more. The gamble might pay off, but it is a gamble.
Nowadays banks are happy to lend but still have some age restrictions on mortgage over 70 offers.
These can apply to both new applications and repayment schedules - read How to get a mortgage if you're an older borrower for more information. Just bear in mind that this may vary between lenders and depend on your financial situation.
If you are remortgaging so that you can pay less each month in interest, and possibly save a load of cash overall, the same restrictions may apply. For example the lender may require your loan to be repaid over a shorter time period than a typical 25 year mortgage.
When making your over 70s mortgage comparison, there are a number of key things you should check, namely:
Financial advisors or brokers can evaluate your situation and give you advice on how to realise your goals and make a decision that's best for you, so it might just be a good idea to bend their ear if in doubt - our guide How to interview your mortgage broker before they start your search will tell you more.
Comparing mortgages for over 75 years of age can be overwhelming, so before you make a decision make sure it's the best one for you!
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