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A Lifetime Mortgage with a Drawdown OR Reserve facility is a variation on the standard Lump-Sum lifetime mortgage. Instead of simply taking all the available funds agreed with the lender initially from the outset, the Lifetime Mortgage with a Drawdown or Reserve facility allows you to take a smaller lump sum initially and be able to go back to the same lender over the life of the agreement and request funds from a pre-agreed reserve. The Initial sum taken will be fixed for life typically (unless a variable rate has been agreed) but any subsequent sums drawn down from the reserve in the future will be at the prevailing rate offered by the lender at the time of the drawdown. This could be higher or lower than the initial sum received.