Lifetime mortgages are effectively equity release schemes which will allow people in this situation access to a lump sum of cash or an income for life. A lifetime mortgage is achieved by effectively taking out a loan that is secured on your property.

Lifetime mortgages help you make use of some of the equity locked in your home by taking out a loan secured on it. Remember, this is a loan and interest is charged on it. But it is accumulated over time and is not repayable until you die or move into long-term care, which is when your home will usually be sold.