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 amount is usually repaid when the homeowner passes away or moves into long-term care, at which point the property is sold to settle the debt. Unlike traditional mortgages, no monthly repayments are required during the homeowner's lifetime. Instead, interest accumulates over time, which can significantly increase the total amount owed. This option can provide additional funds for retirement, but it may reduce the inheritance left for beneficiaries.