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A type of equity release scheme whereby you borrow money against the value of your home for the period of time until your home needs to be sold, either because you die or need to move into residential care.
Several types are available, including home income plans, cash schemes and shared appreciation mortgages. In some cases the interest can be paid with all or part of the income from an annuity. For others the interest is rolled up and paid along with the amount borrowed when the property is sold.
What should I consider before going
ahead with a lifetime mortgage?
There are many things to consider when using a lifetime mortgage to raise money from your home, and professional advice should always be sought. See also Equity Release.
© John Bramwell 2005
BV Services is Authorised and Regulated by the Financial Services Authority
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