What are my options?
With a lifetime mortgage you take out a mortgage secured on your property provided it is your main residence, whilst you retain ownership. This option allows you to ring fence some of the value of the property as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or move into long term care.
Home Reversion Plan
This option allows you to sell part of all of your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living in the property until you die, rent free. You are responsible for insuring and maintaining the property during this time. You can ring fence a percentage of your property for later use for inheritance and this percentage remains the same regardless of the change in property values unless you decide to take further cash releases. At the end of the plan the property is sold and the proceeds are shared according to the remaining proportions of ownership.