Lifetime Mortgages

A lifetime mortgage is a form of equity release, which if you are over 55, allows you to borrow money as a lump sum, monthly income or both. Unlike home reversion plans you do not need to sell any legal ownership rights to your house. Instead, the loan is secured against your home and paid back, along with the interest, from the proceeds from the sale of the property after you die.

Make sure that the home reversion plan you are considering carries the Equity Release Council logo, which means that it abides by the Safe Home Income Plans (SHIP) code of conduct.

There are many different types of lifetime mortgages, and so it’s best to seek financial advice from a professional to see what the best equity release options for you are.  Find a financial adviser here.

Questions you might like to ask an IFA …

  • How much can I borrow?
  • Would a home reversion plan be more suitable for me?
  • What other ways I could access money, without using equity release?
  • Does this plan comply with the SHIP code of conduct?