A lifetime mortgage is a type of equity release, which is a loan secured against your home.
The Income Lifetime Mortgage could be right for you if you are looking to release some of the money tied up in your home to allow you to supplement your monthly income.
It gives you a regular monthly income over a fixed term and you can choose to take the income over either 10, 15, 20 or 25 years.
- Provides you with a monthly income for a fixed term paid into your bank account
- You can get an initial cash sum of £2,500 minimum
- You benefit from the certainty of fixed interest rates
A lifetime mortgage is a type of equity release – it’s a loan secured against your home which allows you to release money as a cash sum or as a regular income over a fixed term.
It’s only repaid from the sale of your home when the last surviving borrower dies or moves out of the home or into long-term care. A lifetime mortgage will reduce an inheritance and may affect your entitlement to means tested benefits. Interest is charged on the loan plus any interest already added, and this means the amount you owe will increase quickly over time.