A Lifetime Mortgage is a type of equity release which allows you to secure upfront finance without the need to make regular repayments.
The loan is secured against your property and only has to be repaid when you die or go into long-term care.
Most lenders set a minimum age for this type of Equity Release – usually 55 to 60. The older you are, the more you can borrow.
The interest on a Lifetime Mortgage is added over time and unlike a traditional mortgage, what you owe will increase (not decrease) over the term.
There are different Lifetime Mortgages available, such as lump sums, drawdown, interest repayment or enhanced products.
Whether to release equity from your property is a big decision, so it’s vital that you think carefully and work with a trusted adviser to make the best choice for your circumstances.