With a retirement interest-only mortgage you only pay the interest on your loan so your payments can be lower than a typical mortgage. You do not have to repay the capital until the last borrower dies or goes into long-term care when your home is sold. The lender is repaid from the proceeds.
There is no fixed end date to repay your mortgage.
*Your home may be repossessed if you do not keep up repayments on your mortgage.