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You have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until you die equity release or lifetime mortgage move out of the home into long-term care.
You can try online remortgage calculators to find out how much more you could borrow - many lenders and brokers offer them on their websites.
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With this in mind, it is important to understand the implications of taking out a lifetime mortgage and how much you could potentially borrow.
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As such, interest is charged on the Retirement interest-Only mortgage but added to the original amount of the loan rather than being paid for on a monthly basis.
Based on the details provided in the amortization santander Lifetime Mortgage Calculator above, over 30 years you'll pay $351,086 in principal and interest.
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