Is it right for you?
Equity release is a big financial decision because it’s a lifetime commitment – that’s why it’s so important to have independent advice every step of the way. By choosing our partner, Key Retirement, you can be sure that the advice you receive is 100% impartial, and they’ll tell you if there’s actually a better financial option available to you.
Because of their impartiality, your adviser at Key will go over things to consider which you may not already know about equity release, including the points below. But don’t worry; they’ll explain these to you more fully during your first appointment.
- Releasing equity from your home is a lifetime commitment, and is only expected to be repaid when your home is sold, usually when you and your partner pass away or move into long term care. If you do decide to pay back early, early repayment charges may apply.
- You could use savings or investments that you already have, or your family could assist you financially. Your adviser will discuss these potential options with you.
- Equity release may affect your entitlement to means-tested benefits and could affect your tax position. Your adviser will be able to explain this to you in more detail.
- All equity release plans will reduce the value of your estate. Key advise that you involve your family throughout the whole process so you can discuss your plans with them.
- Key recommends plans approved by the Equity Release Council, which come with a number of guarantees to ensure your financial safety. This means that you will never fall into negative equity, are able to stay in your home for life and move to another property (subject to provider criteria).
- Think carefully before securing other debts against your home.
- Lifetime mortgages accrue compound interest and the amount you owe can grow quickly. Our equity release advisers can help you understand how it works before you make a decision.
- Key offer a full advice and recommendation service to ensure you get the best plan possible. Unless you decide to go ahead, their service is completely free of charge, as their typical advice fee of 1.95% of the amount released would only be payable on completion of a plan.
- You should consider all of the alternatives before making a decision.
- A lifetime mortgage is a loan secured against your home.
To find out more about equity release why not speak to Key today on 0808 156 2674. Alternatively request your free guide to equity release now.