A lifetime mortgage is a type of loan available to homeowners, typically aged 55 and over, that allows them to borrow money against the value of their property. The loan is repaid only when the homeowner passes away or moves into long-term care, making it a way to access funds without needing to sell the home. With a lifetime mortgage, homeowners can receive a lump sum or regular payments, and they retain ownership of their property. Interest is added to the loan amount over time, which can affect the total amount owed when it is eventually repaid.