In its very simple form, a Lifetime mortgage allows you to release some of the equity in your property, without the need to move. They work slightly differently to traditional mortgages; how much you can borrow depends on how old you are and the value of your property, rather than the amount you can afford to pay each month.
OneFamily Lifetime mortgages
Available to homeowners aged 55 or over, our Lifetime mortgages enable you to borrow a one-off lump sum, and then choose whether you want to make monthly interest payments, a more flexible arrangement of one-off voluntary payments, or no payments. You can even choose for your family to make the monthly interest payments.
Either way, the mortgage and any accumulated interest along with any charges, will be repaid when you die, or move into long-term care - using the cash generated from the sale of your home.
Finally, with a Lifetime mortgage you will always retain ownership of your home, and your home will never be repossessed (as long as you abide by the terms and conditions of the loan).