A lifetime mortgage is a long term loan where you borrow money secured against the value of your home to give you a lump sum and/or a regular income. The loan is repaid to the lender when the property is sold, on death, or when you move into long term care. If there is any money left after the loan is paid off, it will go to your beneficiaries. You retain ownership of your home.
Some lenders offer a flexible lifetime mortgage, where you can take a smaller lump sum at the beginning, then draw down further borrowings as and when required. This can mean that you accrue less interest as interest is only charged on the amount you actually receive.
Source: Threesixty LLP Online 2019