– Interest Only Fixed Rate Mortgages. How they work. They are usually fully amortizing fixed rate loans that may have a term of 10, 15, 20 or 30 years. An Interest Only Fixed-rate Mortgage that is amortized over 30 years permits the borrower to pay interest only for the initial interest-only period of 10 or 15 years.
Retirement mortgages slow to shake up market – Most lenders only offer them to borrowers of more than 55 years of age, some capping the maximum age. Rios offer a lifeline to “mortgage prisoners”, those homeowners stuck on maturing interest-only.
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