You've reached that stage in your life when you've finally got a bit of freedom. The kids have left home and started lives of their own. You've either paid off all of your mortgage or only have a small amount left to pay, so the house belongs to you. You've got time to think about the future and how comfortable you'd like it to be.

And you're probably only too aware that, whatever you want for the years ahead, you're going to need cash. Whether you just want financial security, you'd like to take full advantage of your new found leisure time or you'd like to give a helping hand to your grandchildren, you'll have to make sure that your finances are healthy enough to see you through.

The Lifetime mortgage to help you plan for the future. We can make your biggest asset your home work for you by releasing some of its value as a lump sum which you can use for whatever you like.

The key features are:
• You don't have to pay any money back in your lifetime, as long as you continue to live in your own home and comply with the terms of the mortgage. The lender will charge interest, but it's added on to your loan and this total must be paid back when the property is sold.

• If you do not take the maximum amount you are entitled to at the beginning you can have more money within 12 months. This is called a 'lump sum drawdown' and is explained in more detail further on in this web site. After a year you can apply for 'additional borrowing', again this is explained in more detail further on.

• You can take your Lifetime mortgage with you if you decide to move house.

• The loan does not have to be repaid until your death or the death of the last of you for joint borrowers, when you move into long term care or the property ceases to be your main residence. If you're married or the house is in joint names, you have to take out a joint mortgage.

• We recomend Safe Home Income Plans (SHIP), which was set up to promote fairness and clarity for customers taking out mortgages like this Lifetime mortgage. We follow its code of practice, which states that:

• The certificate ensures you have had explained what you or your estate will have to pay back after you die, move into long term care or the property ceases to be your main residence.

• The Lifetime mortgage has been designed with a 'no negative equity guarantee', which means that the amount you must repay on the sale of your property can never be more than the value of your home at that time. This guarantee is subject to you not breaching the terms and conditions.