Equity Release
Equity Release
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE PAYMENTS.
A lifetime mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.
The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead. This is a referral service.
Thinking about Equity Release?
Equity release allows homeowners to unlock the equity tied up in their property, providing tax-free funds without needing to sell their home.
The process involves an initial consultation with one of our experienced advisors to discuss your financial goals, followed by a personalized recommendation by Key Equity Release tailored to your needs. Once you choose the best plan, our team assists with the application process, including property valuation and legal checks.
Upon approval, you receive the funds as a lump sum, regular payments, or a combination of both, allowing you to use the money for home improvements, debt consolidation, or enhancing your retirement lifestyle.
Access Home Equity
Equity release allows homeowners aged 55 and over to unlock the equity tied up in their property, providing a lump sum or regular income without needing to sell their home.
Flexible Financial Solutions
It offers flexible options enabling homeowners to choose a plan that best fits their financial needs and retirement goals.
Tax-Free Funds
The money released through equity release is typically tax-free, allowing homeowners to use the funds for various purposes like home improvements, debt consolidation, or enhancing their retirement lifestyle.
Frequently Asked Questions
Equity release is a financial product that allows homeowners aged 55 and over to access the equity tied up in their property without needing to sell their home. The funds released are tax-free and can be taken as a lump sum, regular payments, or a combination of both.
To be eligible for equity release, you must be aged 55 or over and own a property in the UK. The property must meet certain criteria, including being in good condition and of a minimum value specified by the lender.
The two main types of equity release plans are lifetime mortgages and home reversion plans. A lifetime mortgage involves taking out a loan secured against your home, while a home reversion plan involves selling a portion of your home to a provider in exchange for a lump sum or regular payments.
In most cases you retain full ownership of your home. With a home reversion plan, you sell a portion of your home but retain the right to live there rent-free for the rest of your life or until you move into long-term care.
The amount you can release depends on factors such as your age, the value of your property, and the type of equity release plan you choose. Typically, the older you are and the higher the value of your property, the more you can release.
Equity release can affect your entitlement to means-tested benefits and reduce the value of your estate. It is important to seek financial advice to fully understand the implications and ensure it is the right option for you.
