A mortgage aimed at those who own property but have no income. A mortgage is raised on the property and either: (i) an annuity is purchased and the mortgage, plus interest which is added to the original loan, is repaid on sale of the property, often after the death of the borrower; or (ii) less frequently, the loan is repaid on death or sale together with a fixed percentage growth in the property value with interest paid during the mortgage term. Lifetime mortgages are FSAregulated when the mortgage meets the definition set down in the legislation.