With a lifetime mortgage you continue to own your home completely and are given a loan based on your age and the value of the property. You can pay the interest charged monthly or have the interest rolled up into the loan amount – this means there would be no monthly payments.
WARNING: Equity release reduces your estate’s value and may affect any means-tested benefits you’re eligible for. A lifetime mortgage, which is a loan secured against your home, is the most popular form of equity release and you will still own your home. Think carefully before releasing equity and make sure it’s right for you.