Absolutely - whilst you will have no repayments, the deduction from the value of your house could be quite substantial. This is your asset and I firmly believe that you should get the benefit of it while you can, but are you sure that your children wouldn't like to preserve that future benefit by investing in it now and allowing you and your husband to enjoy the money now. The interest rate that they would pay by perhaps adding to their own mortgage to release some funds will probabaly be a lot smaller than you will pay on your lifetime mortgage if you live for a long time and you are both relatively young. They will then be able to get this investment back when they inherit their share of your property. I strongly suggest that you get independant advice though as I am not qualified or authorised to do that. Maybe if you have some quotations, you could go through this with your children.