With little to no knowledge of the risks of taking on an interest-only mortgage, there is sudden panic in certain age range of home owners. Some of them are unable to qualify for refinancing prospects and therefore cannot find any other way out other than to sell that home they had purchased with such a mortgage. Other people who have sufficient income are still forced to consider taking on new financing in order to avoid dipping into savings or pension plans that typically don’t release funds until an even older age limit is reached. Some people just aren’t capable of working any more, but don’t have options available unless they can find someone else to assist them. Ideally, no one will take on any more of the interest-only mortgages in the future.

Read more: Rise in homeowners selling up to pay off interest-only mortgages – What Mortgage