A Lifetime Mortgage is a type of loan designed for older homeowners, typically aged 55 and above. It allows them to borrow money against the value of their home while retaining ownership. The loan amount, plus interest, is usually repaid when the homeowner passes away or moves into long-term care. This financial product can provide a source of income for retirees, helping them cover living expenses or fund other needs. Unlike traditional mortgages, there are no monthly repayments required, as the loan is settled from the sale of the property later on, making it a flexible option for many seniors.