On death or when you permanently move out of the home and into long-term care
A lifetime mortgage is a loan secured on your home. Unlike a residential mortgage, a lifetime mortgage doesn't have a set repayment date. You don't have to repay any of the money you borrow, or any of the interest, until you die or move permanently out of the home and into long-term care. If the lifetime mortgage is in joint names, nothing is repaid until the last person dies or moves permanently out of the home and into long-term care.
The loan is usually repaid through the sale of your home.
Make repayments during your lifetime
You can also choose to repay some of the money you borrowed. This will reduce how much you owe. Depending on which product you take out, you can choose to pay some, none or all of the interest.