These are the most popular form of equity release as the borrower retains 100% ownership of the property. Unlike a traditional mortgage, lending is based on the market value of the property and age and health status of the borrower(s); therefore your income and credit history is not normally taken into account. Typically you can borrow more the older you are and if your state of health is not good you may be able to borrow a little further if needed.
Lifetime mortgages allow the borrower to release funds for any purpose, the money is tax free and you are not required to make any repayments for the rest of your life while you remain in the property. The funds can be released as a lump sum or in smaller payments as a drawdown facility to be used as and when they’re required.