When it comes to retirement age, most of us are looking for a way to try and find some money in order to prop up a pension. Or, if you do not have a pension, to simply carry on and survive. This is where self cert mortgages such as the Stonehaven interest select come into their own.

Simply put, yes, there are self cert mortgages that exist for those in retirement age. These are more commonly known as equity release schemes, and allow you to gain a constant flow of income, usually per month, up to the value of your home, so that you can continue living after you have stopped working.

The downside to this, however, is that you are simply giving up your house. The money has to be paid back again, and it is assumed that you will simply give up your house in the long run to pay for it; hence you are only given money up to the value of your home.

Whilst this can be beneficial for those in older age, as there's a steady income provided to supplement pensions this also means that there will be no house for any children or family to inherit; hence it needs major consideration before applying for such a scheme.

Offsetting not being able to leave a legacy for your family has to be weighed up against enjoying a more comfortable later life.