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Short answer: a lifetime mortgage lets you keep ownership of your home while borrowing against it; home reversion means selling all or part of the property to a provider and keeping the right to live there under a lifetime tenancy. The better fit depends on whether retaining ownership, avoiding a growing loan balance, preserving inheritance, keeping flexibility to move, or qualifying for means-tested support matters most to you.
Neither option is “free cash”. A lifetime mortgage can reduce your estate through interest and repayment of the loan. Home reversion avoids loan interest on the sold share but usually pays substantially less than that share’s market value and gives up its future growth. This is UK consumer information, not a personal recommendation.
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The two options at a glance
| Decision point | Lifetime mortgage | Home reversion |
|---|---|---|
| Legal structure | You borrow money secured against your home and continue to own it. MoneyHelper explains the lifetime-mortgage structure. | You sell all or part of the property to a provider and retain a lifetime tenancy. MoneyHelper explains home reversion. |
| How the long-term cost arises | Interest may be paid monthly or added to the balance. Rolled-up interest means the debt can grow. | There is no loan interest on the sold share, but you permanently give up that share of future property value. |
| What is normally settled at the end | The loan and applicable interest are generally repaid when the last borrower dies or moves permanently into long-term care, usually from the sale proceeds. | The provider receives the ownership share it bought when the property is eventually sold. |
| Inheritance effect | The outstanding balance reduces the remaining equity. A no-negative-equity promise, if included, limits repayment only according to that plan’s wording. | The sold share is no longer part of your estate. |
| Indicative initial offer | There is no single standard percentage; the amount depends on age, property and plan terms. | MoneyHelper says an offer is usually only 20% to 60% of the home’s market value, with terms varying by provider. The guide’s publication date is not stated and the range is not a guaranteed quote. |
| Typical eligibility guidance | Provider minimum age is commonly 50 to 55, and the property normally must be your main residence. | Some plans require applicants to be over 60 or 65 and to own the home outright; criteria differ. |
| Documents and conditions to examine | Interest rate and payment choices, fees, early-repayment terms, moving rules, guarantee wording and benefits impact. | Valuation, legal title, lifetime-tenancy and occupancy rules, maintenance obligations, any rent or increases, moving or ending provisions and benefits impact. |
The precise offer and contract override general descriptions. Ask for the full illustration and legal documents before deciding.
How a lifetime mortgage works
You remain the owner
A lifetime mortgage is a loan secured on your property. You remain the registered owner and normally continue living there. The lender has security over the home, so the property is usually sold to repay the plan after the last borrower dies or moves permanently into long-term care. MoneyHelper’s lifetime-mortgage guide sets out this basic arrangement.
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You choose how interest is handled
Depending on the plan, you may make regular interest payments, pay some interest, or allow interest to roll up. If it rolls up, each period’s unpaid interest is added to the balance, and later interest can be charged on that larger balance. A plan with voluntary or required payments may slow that growth, but missed payments can have contractual consequences. The illustration should show the balance under the plan’s stated assumptions.
Repayment usually waits until a terminating event
The debt is generally repaid from the sale of the home when the last borrower dies or enters permanent long-term care. Check how the plan defines “permanent”, the notice period, who can sell the property, and what happens if one borrower dies while another remains. Moving to another property may be possible, but only if the new home meets the lender’s criteria and the loan-to-value limits work; obtain written confirmation before assuming portability.
Check the negative-equity wording
MoneyHelper says most lifetime mortgages backed by the Equity Release Council include a no-negative-equity guarantee. That does not automatically apply to every plan. Confirm whether your specific offer includes the guarantee, what conditions must be met, and whether the estate can ever owe more than the property sale proceeds. FCA disclosure rules require information about how a lender treats negative equity; read the relevant section rather than relying on a headline description.
General eligibility is not a promise
MoneyHelper gives a typical minimum age of 50 to 55 and says the property generally needs to be your main residence. Providers can impose higher ages, property-type restrictions, minimum values, occupancy rules or requirements to clear an existing mortgage. A current quote is the only reliable way to establish eligibility.
How home reversion works
You sell a share, not borrow against it
Under home reversion, a provider buys all or a stated part of your home in exchange for a lump sum, staged payments, or both. You no longer own the sold share. Instead, you receive a contractual right to occupy the property for life under a lifetime tenancy. The provider’s share is reflected when the home is eventually sold.
The initial payment can be far below market value
MoneyHelper states that the amount offered for the property can be “much lower than the market value of your home – usually only between 20% and 60%.” That is a general range from its home-reversion guide, accessed in 2026; it is not a guaranteed percentage for a particular applicant. The discount compensates the provider for granting you lifetime occupancy and waiting for its share to be realised. Compare the valuation, the percentage sold and the cash offered, not just the cash figure.
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Future growth on the sold share belongs to the provider
If the property rises in value, the provider benefits from the share it bought. If you sell 40% of the home, for example, that 40% is outside your estate and future increases in that portion are not yours. The contract determines how the ownership percentages are applied to later sale proceeds, improvements and any change in value.
The tenancy is the central protection
Read the lease with a solicitor. Establish whether you occupy rent-free, whether any rent can be introduced or increased, who pays buildings insurance and maintenance, what alterations need consent, and whether another person may move in. Also check what happens if you want to move, enter care, separate from a co-owner, or end the arrangement early. MoneyHelper specifically advises careful legal review of the lease.
Eligibility varies more widely
Some home-reversion plans require applicants to be over 60 or 65 and to own the property outright, according to MoneyHelper. Other providers may set different ages, property values or title requirements. Treat those figures as guide information rather than a current market rule.
Where the long-term cost differs
Lifetime mortgage: a changing debt balance
The economic cost is the loan plus interest and fees. With roll-up interest, the amount owed can increase even when you make no further withdrawals. The longer the plan runs and the higher the interest rate, the greater the potential reduction in the equity left for your estate. A plan that allows repayments can reduce growth, but the payment commitment must fit your income for as long as required.
Home reversion: a permanent transfer of value
The cost is the value surrendered through the sale. You receive less than full market value for the share sold and give up that share of any future increase. There is no loan balance accruing interest on that share, but the opportunity cost continues for as long as you own the rest of the property. A short occupancy period can make the discount particularly significant relative to the cash received; a long occupancy period changes the provider’s economic return, not the percentage you sold.
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Ask each adviser to show, in pounds, the cash received, all fees, the projected debt or ownership split, and the amount potentially left for beneficiaries under several property-value and longevity assumptions. Do not compare a lifetime mortgage’s headline advance with a home-reversion offer without showing what percentage of the home is transferred and how sale proceeds would be divided.
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Ownership, inheritance and family expectations
What your family inherits with a lifetime mortgage
Your estate owns the property but must settle the secured debt. If interest has rolled up, the repayment can be considerably higher than the original advance. Any remaining equity passes under your will or intestacy rules, subject to other debts and costs. A no-negative-equity guarantee, if present, limits the estate’s liability as defined by the plan; it does not preserve a particular inheritance amount.
What your family inherits with home reversion
Your estate includes only the share you retained. The provider’s share is paid to it on sale, so beneficiaries cannot recover that portion simply because the property later becomes more valuable. Explain the ownership split to family members and record it alongside your will and other estate-planning documents.
Gifts and means-tested support need specialist advice
Releasing equity and then giving money away can affect tax, deprivation-of-assets assessments and future care-funding decisions. Equity release can also affect eligibility for means-tested benefits, grants or local-authority support. MoneyHelper’s equity-release overview advises considering future choices and alternatives before proceeding.
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Moving to another property
Ask whether the plan can transfer to a new home and what happens if the new property is worth less, unsuitable, or outside the lender’s approved type. A move can require partial repayment, a new valuation, legal fees or the sale of the plan. Home-reversion contracts may require the provider’s consent and may calculate its share differently after a move.
Long-term care
Moving permanently into care is a common trigger for settling a lifetime mortgage, but the exact definition and timetable are contractual. Home-reversion terms may also address a move into care, the tenancy and sale process. MoneyHelper’s care-funding guidance notes that outcomes depend on factors including property value, age and the plan selected. Ask the adviser to model care scenarios before signing.
Changes to occupants and relationship status
Every adult living in the property should understand the occupancy rights. A lifetime mortgage may require all owners to join the plan. A home-reversion lease can restrict who may occupy or require consent for a partner to move in. Separation, remarriage, death of one co-owner and a change in dependants can all affect the arrangement.
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Which option might you explore?
These are questions for an adviser, not suitability conclusions.
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If keeping legal ownership and future property growth is a priority, compare lifetime-mortgage plans and their payment options. Concentrate on the projected balance, repayment triggers, moving rules, fees and the effect on the estate. Retaining ownership does not mean preserving all equity: the secured debt still reduces what remains.
You prefer certainty about the absence of loan interest
If you are unwilling or unable to accept a growing loan balance, explore whether home reversion’s sale structure fits your circumstances. You must be comfortable receiving below-market value for the share sold, surrendering that share’s growth and living under the tenancy terms.
You need a particular amount of cash
Work backwards from the amount required and test both structures. A lifetime mortgage may offer a different advance depending on age, property and loan-to-value limits. Home reversion may require selling a larger percentage than expected because the provider pays a discounted price. Do not sell more of the home than your objective requires without understanding the permanent consequence.
Inheritance is a central objective
Compare the estate outcomes rather than assuming either product protects an inheritance. For a lifetime mortgage, examine interest assumptions, repayment options and any guarantee. For home reversion, focus on the exact retained percentage and how sale proceeds are allocated.
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You may need means-tested help later
Before releasing equity, ask a benefits or care-funding specialist to assess how the cash, debt or ownership change could affect support. Product outcomes can depend on your age, property value, care needs and the plan selected.
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A due-diligence process before signing
- Define the objective. Write down the amount needed, the purpose, whether withdrawals are one-off or staged, and the minimum equity or inheritance you hope to preserve.
- List alternatives. Consider whether downsizing, a conventional mortgage, an unsecured loan, using savings, help from family, grants or benefit entitlement could meet the need with less permanent impact. Obtain regulated advice where borrowing or benefits are involved.
- Use an appropriately regulated adviser. Firms advising on or selling equity release must be regulated by the FCA, according to Age UK. Use the FCA Firm Checker to verify authorisation and confirm that the firm’s permission covers the advice you need. Ask how the adviser is paid and whether the recommendation covers both lifetime mortgages and home reversion.
- Request a full illustration. Compare the advance or sale proceeds, interest or ownership percentage, all fees, projected balances, early-repayment charges, moving provisions and end-of-plan conditions. FCA Handbook MCOB 9 requires product disclosure about negative equity and comparison of the final offer with the earlier key facts illustration: read MCOB 9.
- Test several scenarios. Ask what happens if you live longer than expected, property prices fall or rise, you move to a cheaper home, one borrower dies, or you enter care. Require the assumptions in writing.
- Check benefits and care consequences. Speak to an independent benefits or care-funding service before accepting funds, especially if you receive or may claim means-tested support.
- Obtain independent legal advice. For home reversion, have a solicitor review the title and lifetime-tenancy lease. For a lifetime mortgage, have the solicitor explain the charge, co-owner consent and any restrictions on occupation or future borrowing.
- Discuss the plan with family. Explain the debt or ownership share, likely sale process and effect on inheritance so relatives are not relying on an inaccurate assumption about the home.
- Compare the offer with the signed contract. Do not proceed if the rate, advance, percentage sold, guarantee, fees or key conditions differ from the illustration without a clear explanation and time to reconsider.
Safeguards and warning signs
- Unclear guarantee: “No negative equity” should identify the exact conditions and exclusions. MoneyHelper says most Equity Release Council-backed lifetime mortgages have a guarantee, but you must be told if your plan does not.
- Pressure to change ownership: The FCA’s review of equity-release advice identified concerns about suitability, including examples involving changes to property ownership to meet eligibility criteria. Do not transfer title or add an owner solely to qualify without independent legal and financial advice. Read the FCA’s findings: equity-release sales and advice process review.
- Missing costs: Require a complete list of adviser, arrangement, valuation, legal, administration and potential early-repayment charges. A low headline rate or high cash figure can conceal material fees.
- Vague moving or care terms: Ask for the exact procedure, deadlines and charges for moving home or entering permanent care. If the answer is “it depends”, request the contractual clause and a worked scenario.
- Unreviewed tenancy: With home reversion, confirm maintenance, insurance, rent, alterations, occupancy, sale and termination provisions in the lease before signing.
- Advice limited to one product: A recommendation should explain why the chosen structure meets your objective and why alternatives were rejected. The FCA press release on its review states: “If in doubt as to whether a lifetime mortgage makes sense for you as a consumer, you should explore your personal circumstance fully with your advisers or with independent sources such as the Money and Pensions Service.”
Alternatives and timing
Equity release is not automatically the first step when a homeowner needs cash. Ask whether reducing expenditure, using accessible savings, negotiating existing borrowing, moving to a less expensive property, taking in a lodger where permitted, or checking benefits and grants could reduce the amount required. Each alternative has its own tax, housing, eligibility and family implications, so compare the permanent effect rather than choosing solely on speed.
Timing also matters. A lifetime mortgage taken earlier can run for more years, allowing more interest to accumulate if payments are not made. Home reversion taken earlier can mean giving up the sold share’s growth for longer. Conversely, waiting may change your age-based eligibility, property value, health circumstances or cash need. Ask for advice based on your actual timetable, not a generic “best age”.
Bottom line for your decision
Choose the structure you can explain in one sentence and still accept after considering the worst reasonable outcome. A lifetime mortgage preserves ownership but creates a secured debt whose interest may grow. Home reversion avoids that loan balance on the sold share but transfers ownership, future growth and part of the estate to the provider, usually at a substantial discount to market value. Compare the complete illustrations, check benefits and care implications, have the documents reviewed, and verify the adviser’s FCA status before committing.
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Can I combine a lifetime mortgage and home reversion?
They are different legal structures and are not automatically compatible. Any proposal to use more than one arrangement would need specific advice on priority of charges, ownership, tenancy, repayment and benefits consequences; do not assume a provider will permit it.
Does a lifetime mortgage always have a fixed interest rate?
There is no universal rate or rate structure stated here. The offer controls whether interest is fixed, variable, paid or rolled up, so read the illustration and contract for your plan’s terms.
Can I sell my home whenever I want after taking equity release?
A sale normally requires following the plan’s moving or repayment procedure. Lifetime-mortgage portability and home-reversion consent, valuation and sale rules vary, so obtain the contractual process before assuming you can move freely.
Will equity release stop me receiving benefits?
Not necessarily, but releasing cash, changing debt or transferring ownership can affect means-tested benefits, grants or care support. Have your circumstances checked before taking funds; the outcome depends on the benefit and your financial position.
What happens if the property value falls?
For a lifetime mortgage, a qualifying no-negative-equity guarantee may limit the estate’s repayment to the sale proceeds, subject to its conditions. For home reversion, the provider owns its stated share, so the fall is reflected in the value of both the retained and sold shares; the contract governs the sale allocation.
Is home reversion available if I still have a mortgage?
MoneyHelper’s general guide says some plans require the home to be owned outright. An existing mortgage may need to be repaid and provider criteria vary, so only a current provider assessment can confirm whether it is possible.
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