What is a lifetime mortgage?
Lifetime mortgages are the most popular type of equity release plan. They work by giving homeowners access to some of the value, or ‘equity’, tied up in their property.
Unlike a conventional mortgage, which runs for a fixed term, a lifetime mortgage is designed to run for the rest of your life. During this period, the property remains 100 per cent in your name, and you are free to live there until you die or move into flong-term care. This could be a great alternative if you need some extra money, but don’t want to downsize to a cheaper property.