A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out.
Lifetime mortgages are available to homeowners aged 55 or over. You can take the money as a lump sum or as series of lump sums. There’s nothing to repay until you die or move permanently into long-term care.
If you have the financial means, you can choose to pay off some or all of the monthly interest. It would reduce the amount of interest added over the life of the mortgage and reduce the amount you’ll owe in the end.
Lifetime mortgages are by referral only.
A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
