I am retired and 70 years old. Can I borrow 50,000 pounds on an interest-only basis to be repaid from the proceeds of the sale of my house at the time of my or my wife's death? My house is valued at 124,000 pounds and there is a mortgage owing of 20,000 pounds that I would pay off from the new advance.
While I can't say what the laws would be outside of the U.S., these can be popular products. You should call one or more banks and mortgage lenders in your area and ask first if they offer this product. Here in the U.S., many banks do not. When you are asking, if they say they don't offer reverse mortgages, ask if they can refer you to a lender who does.
These loan products allow you to borrow on your home. The bank uses an estimated life expectancy and the loanable value of your property to send you a payment each month. The programs I have read about don't require interest payments from the borrower. When you would pass, the property would be sold to pay the debt.
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While I can't say what the laws would be outside of the U.S., these can be popular products. You should call one or more banks and mortgage lenders in your area and ask first if they offer this product. Here in the U.S., many banks do not. When you are asking, if they say they don't offer reverse mortgages, ask if they can refer you to a lender who does. 