A lifetime mortgage is a type of mortgage where you choose to extract your fund through a single lump sum or in smaller amounts over time, to the maximum limit agreed with the provider.

With a lifetime mortgage you can elect to retain some of the value of the property as an inheritance for family members. By choosing a lifetime mortgage, you retain full ownership of your home and the interest on the loan can be fixed or rolled up. The loan and rolled up interest is repaid by your estate when you die or move into long-term care on a permanent basis. For a couple it would be based on the last to survive.

Lifetime mortgages can offer the ability to make monthly interest payments in part or full, therefore maintaining the debt to the minimum amount before interest. The amount released depends on your age and the value of the property. Some providers are able to offer larger sums to those with certain past or present medical conditions, or lifestyle factors such as smoking.