Your questions answered

A lifetime mortgage is a special type of loan which is usually designed to run for the rest of your life, and which means that you borrow money that is secured on your home.

The amount that you can borrow depends on a number of factors such as your age and the property value. Interest builds up throughout the life of the mortgage and is usually paid back from the proceeds of the sale of your home after your death or after you go into long-term care. If you are borrowing with someone else this would be after the death or entry into permanent long-term care of the last borrower. Any money left over would be paid to your beneficiaries.

The amount you can borrow depends on your age and the value of your property.

We offer loans starting from £20,000. 

If you are aged between 55-85 and your property value is over £125,000 you may be eligible for a lifetime mortgage. 

A lifetime mortgage is specific to your personal goals and needs and the costs will be explained by your financial adviser at the start of the process.

Interest is added to the mortgage throughout the life of the mortgage with repayment not due until the occurrence of a life event such as death or entry into long-term care. The loan is then repaid, typically through the sale of the property.

Your financial adviser will walk you through every detail including any costs.

No. With a lifetime mortgage, you keep ownership of your home. Your home cannot be taken from you as long as you stick to the terms and conditions of the mortgage. 

This means:

• Living in your home as your primary residence.

• Keeping your home in a good state of repair.

• Making sure your home is insured.

Remember, a lifetime mortgage is designed to be repaid typically from the sale of your home when you pass away or move into long-term care. 

Yes — in fact, the Financial Conduct Authority says that you must receive financial advice before taking out a lifetime mortgage.

Find a financial adviser

You must seek independent financial advice before taking out a lifetime mortgage, so making an appointment with a financial adviser is a good place to start. 

Find a financial adviser

The amount you owe is usually paid back from the proceeds of the sale of your home after your death or after you go into long-term care. If you are borrowing with someone else this would be after the death or entry into permanent long-term care of the last borrower. Any money left over would be paid to your beneficiaries.

Yes, there are no monthly repayments to make although you have the option to repay some of the mortgage each year. This gives you the freedom to reduce the mortgage balance, however, if you decide to repay your mortgage early in full, or repay more than the annual repayment allowance, there may be a charge.

Your financial adviser can explain these costs to you before you apply. 

You can do this by contacting us. We have prepared a helpful drawdown guide to help you with any questions you may have. 

Drawdown guide

Yes. A Riverton Lifetime Mortgage is portable, meaning you can transfer it to a new property if your new property meets our lending criteria. 

If you are downsizing and your new property does not meet the criteria, you may be able to repay your loan early without charge.

When you pass away or move into long-term care, your lifetime mortgage will need to be repaid. Your estate will be responsible for repaying the mortgage, typically through the sale of your home. 

We have a "No Negative Equity” Guarantee on our lifetime mortgage product, meaning you will never owe more than the value of your home, even if your outstanding mortgage balance exceeds the sale price of your property. 

We understand that taking out a lifetime mortgage is a big decision. We provide a one month Change of Heart Guarantee, meaning you have the option to repay your lifetime mortgage within the first month of receiving your funds without receiving any early repayment charge. For more information, please read through our policy here.

Absolutely. Discussing your financial plans, especially ones that involve your home, can help you make the right decision for you and your family.

For more information and advice specific to your situation, you must speak to a financial adviser.

Find a financial adviser

While your home can be left to your children or any other beneficiaries, the lifetime mortgage must be repaid first. This usually requires the sale of the home unless other arrangements to pay off the loan have been made. Your children will receive the remaining amount once the mortgage has been repaid. 

Riverton is a mortgage provider specialising in lifetime mortgages for over 55’s looking to meet their long-term financial goals. We are part of Rothesay, the UK's largest pensions insurance specialist.

We work closely with lifetime mortgage advisers to understand the needs of customers and design mortgage products to enable those customers to take control of their financial affairs. We are proud to put customers at the heart of our business by offering clear guidance, competitive lending options, and personalised service. 

Yes. Taking out a lifetime mortgage reduces the amount of money left for inheritance because the interest is added to the mortgage throughout its life. Repayment is not due until the occurrence of a life event such as death or entry into long-term care.  The loan is then repaid, typically through the sale of the property.

With Riverton's "No Negative Equity” Guarantee, the amount to be paid back will never be more than the home's sale price.

We are sorry for your loss. We are here to help you with the next steps to take.

You can call us on 0330 053 7540 or alternatively, send us an email at bereavements@rivertonhomefinance.co.uk. 

If you would like any further information or support, please click here to view all relevant information in one place to explain what happens next. 

We are sorry to hear that your loved one has moved into long-term care, we are here to support you through this difficult time.

You can call us on 0330 053 7540 or alternatively email us at customersupport@rivertonhomefinance.co.uk.

If you would like further information about next steps, please click here.

At Riverton we pride ourselves on providing excellent customer service. If you would like to raise a complaint or provide feedback about our services you can call us on 0330 053 7540 or alternatively, email us at customerengagement@rivertonhomefinance.co.uk.

For more information about our complaints process and for signposting to the Financial Ombudsman Service (FOS), please click here.

If you think you have been a victim of fraud or a scam, you should report it to Action Fraud either online or by calling 0300 123 2040 as soon as possible. Realising you have been targeted can feel scary, but it is important not to panic and to act fast.

For more information, click here to visit the Citizens Advice dedicated support page. 

At Riverton, we are committed to providing a great service to every one of our customers. If you need further assistance, or have additional needs relating to the service we provide, please visit the page below and contact us if you need further help.

Enhanced service requirements

We know that this is a significant decision to make, Riverton is here to provide transparent and practical guidance every step of the way. 

Please contact us if you need further information.

For detailed advice specific to your situation, you must speak to an independent financial adviser.