If you are edging slowly but surely closer to retirement, and you are concerned about whether or not your pension will provide you with adequate income, the chances are good that you are looking at alternative means by which to remain financially viable.

There are many financial products on the market that may help you; however, perhaps the most effective and efficient of these is something like the Stonehaven Interest Select plan an interest only lifetime mortgage in short, but one that works differently to any you may have previously had.

This variation differs from a conventional mortgage in several crucial ways and the most significant amongst these is simply that you do not make repayments on you loan. Because the scheme is designed to extend beyond your lifespan, the debt will simply be repaid by selling the house at a later date.

This kind of financial plan allows you to access the capital that is tied up in your home, and thus gives you the means to enjoy your senior years. Of course, in order to apply, you will find that you need to be over a certain age, and this limit differs from policy to policy; it's a good idea to investigate the precise details before you go to the trouble of filling out myriad forms.

It is not always easy to contemplate your retirement, especially if you are not sure whether you will have enough money to survive. Taking out a mortgage of the kind outlined here may solve your problems to a great extent; remember to investigate the market thoroughly in order to determine precisely which product is right for you.