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A lifetime mortgage is a type of equity release product that allows homeowners to borrow money against the value of their property while they continue to live in it. The loan is typically repaid, along with interest, when the borrower dies, moves permanently into residential care home, or sell the property.
Unlike traditional mortgages, there are no monthly payments required with a lifetime mortgage. Instead, the interest is added to the loan balance, which can increase the amount owing over time. Some lifetime mortgages also have a feature allowing the borrower to make voluntary payments to reduce the interest accruing on the loan. This type of equity release product is typically only available for homeowners who are over 55 years old.