Questions And Answers
Loans for a retired person
asked by Quentin Cooke posted 3 Years ago at 17:14
Hi i'm retired and was wondering about getting a unsecured loan. Does anyone have any suggestions of people i could get a loan from and will i face any issues because of my age (70 by the way)
1-3 of 3 Answers
A Rod answered 3 Years ago at 17:21, last modified: 2 Years ago at 14:56A lot of it depends on how much you want to borrow, when and at what rate you wish to pay back. Schemes range from secured, unsecured, equity release schemes and even credit cards. Possibly try at your bank first or an organisation you trust.
Stephen Pett answered 3 Years ago at 22:53, last modified: 2 Years ago at 14:56It is no problem getting one - the problem is in repaying it. Have you considered Equity Release?
Mark Gregory answered 3 Years ago at 12:14, last modified: 2 Years ago at 14:56The potential issue with an unsecured loan would be affordability & age being 70. However, As the previous comment made referred to equity release, this is certainly an option, however still do not rule out an interest only mortgage.
These are still available in retirement & we have access to a lifetime http://www.equityreleasesupermarket.co.uk/HTML-pages/the-halifax-retirement-home-plan.html
Always seek independent advice first.
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