Mortgage Rates News - I have interest only mortgage due for repayment and little hope of finding funds. too old to remortgage. Help?

I have interest only mortgage due for repayment and little hope of finding funds. too old to remortgage. Help?

Can anyone please give me some advice on the following. I have an interest only mortgage which was taken out several years ago and now has only a little while before capital is due. I took out this loan in order to pay off creditors but was only able to get a loan for five years because of my age. I have had the house on the market in the hope that it would sell quickly. Alas this has not happened and time is marching on. Any ideas please would be sincerely appreciated. Thank you.

Public Comments

Equity release or one of these places that will buy your place and let you rent it back
Check into a Reverse Mortgage
Downsize ??
Chase the agents. Re-approach anyone who viewed the house. Reduce the price or offer cashback. Chase the agents. Again. Ask them what they have done to match your property with potential buyers on their books. Ask them what they have done to earn their fee. Can you do a no sale, no fee agreement elsewhere as well? Is your property online? Did I mention chasing your agents?
contact the lender,explain the position,and they may offer you an extension on the loan til you find a buyer.Maybe your house is up for too much money so reduce it for a quick sale.if you are a pensioner then you can get council bungalow so go see them too.
I don't know where you live, but if you're in the US, it's 100% illegal to discriminate based on age. That means, literally, you can take out a new 40 year term loan if you're 100 years old. Provided, of course, you qualify for the monthly payments. I believe it's ok in the UK as well, I seem to remember hearing recently about a 95 year old guy getting a 30 year loan. If you're in the US, perhaps a reverse mortgage could work for you? Check the AARP website, they've got great info on them.
hi i work for a mortgage broker, and there may be some ways to help you but obviously more info would be needed if you would like me to look into the matter feel free to email me on quotes@mukconnections.co.uk