A Lifetime Mortgage is a special kind of loan for retired home owners available from the age of 55. There are no compulsory repayments and you may remain in your home for as long as you wish.

You can release equity in one of three ways:

• A lump sum.
• A drawdown plan where you borrow an initial sum with the ability to drawdown further sums as and when required.
• Monthly income – this provides the discipline and simplicity of a regular monthly income to top up your pension.

What happens to the interest charged is up to you:

• Pay nothing and the interest is rolled up.
• Pay the interest regularly – some plans allow a monthly direct debit or standing order.
• Make ad hoc repayments – many plans allow repayments of up to 10% of the original loan each year.