Reduce the amount of interest accruing
With a Lifetime Mortgage you are not required to make monthly repayments to the loan. The interest is rolled up and added to the loan each month, increasing the amount you have to repay when you die, move into long term care or move out of the property on a permanent basis. However, if you can make voluntary overpyaments to reduce the interest that accrues on your loan on an ad hoc basis.
Some lenders will allow you to make payments of up to 15% of the initial loan amount each year without penalty. This will not only reduce the amount of interest accruing but also reduce the overall loan and the amount owed when the loan is repaid.
Voluntary repayments are entirely voluntary and if you take out a plan that allows repayments but never make a payment there is no penalty for not making any payments. The amounts and frequencies of these payments will vary between different lenders, so if you are looking for flexibility on payments you must select a provider who offers the flexibility you need.
Repayments can be fixed amounts each month, covering all or part of the interest, or they can be more flexible with you deciding how much and how often you can afford to make payments. Some plans will allow you to change from a fixed monthly repayment amount to allowing the interest to roll up to the loan and then making ad hoc payments if you wish giving you the flexibility you need.