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If both you and your partner are aged over 55, then you could be eligible for a lifetime mortgage. This is a special type of mortgage that enables you to unlock some of the financial investment that you have made in your home.

The Lifetime Mortgage is designed to enable you and your partner to continue living in your home for as long as you wish. The mortgage is secured on your home like any other mortgage, however no monthly payments have to be made. You will also have no interest to pay at all during your lifetime. Instead, the interest is added up with the loan and the whole debt is then paid off using the proceeds from the sale of the property when the borrower dies, or moves into a nursing home.

If you are considering a lifetime mortgage it is important that you talk to a specialised adviser.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Advice on Lifetime Mortgages are available through introductions to Aviva. Mortgage IQ do not provide advice on Lifetime Mortgages.