I helped my sons with a lifetime mortgage

Borrowing into older age is likely to be the norm in the next decade

Mum Myrtle Moreton-Cox is in her seventies and she decided to take out an optional payment lifetime mortgage, where she pays the interest each month on a home loan.

That means the debt stays at the same amount – it doesn’t build up and eat into the value of her property.

She explains: “I wanted to help my two sons with some cash towards the deposit for a property.

“I wanted to do it now while I’m alive and I can enjoy seeing them benefit, rather than them having to wait.

I liked this product from Legal & General as it means I can pay the interest, so it won’t add up over the years. I’d like there to be some value left in my home.”

Myrtle from Gloucestershire took out a lifetime mortgage for £126,000 and she can remain in her home for the rest of her life. Providing she keeps up the monthly interest payments, the loan will stay at that level and leave a chunk of equity in her bungalow. Myrtle adds: “The boys are really pleased and this has worked for all of us. I think it’s a good idea to give older people more options with their later life finances. We are all living longer. “I did look into this a few years ago but the only option then was an equity release plan, but that wasn’t right for me.”