Lifetime mortgages are special types of loan plans used by people, who are above 55 years. Such types of plans allow them to release equity from their home through means of secured loan. It only requires paying back when their properties are sold. One can go for equity release through lifetime mortgages. Lifetime mortgages plan are unlike home reversion plans. They do not involve selling any legal ownership in return for the money raised. No ownership of the property is lost under a lifetime mortgage plan. In fact, such properties are sold only when required by you or by your family.
