Points to Consider
Our equity release partners, Key, believe that advice is only of value when it's independent. Equity release can provide you with financial freedom but it's not always the right option for everyone.
Key's independent advisers will consider your individual circumstances to tell you whether an equity release plan would be the most suitable option for your needs. It is also important to consider the following points when thinking about whether to release cash from your home or not.
1. All plans will reduce the value of your estate, so it's important to involve your family in your decision. We welcome your family to attend any of your appointments and ask any questions they might have.
2. Equity release could affect your entitlement to some state benefits and may affect your tax position. Your adviser can find out what, if any, effect that might be, to help find the best solution for you.
3. Equity release is a lifetime commitment and is only expected to be repaid upon your death or entry into long term care. Early repayment charges may apply if you want to repay the plan early.
4. All plans approved by SHIP (Safe Home Income Plans) allow you to move home if you wish, depending on the provider's criteria and their approval of the new property.
5. With a lifetime mortgage, the compound interest means that the amount you owe can grow quite quickly.
Key's independent advisers are specialists in equity release and will apply their wealth of experience and expertise to help you to consider all of the above points, as well as talking you through the advantages and disadvantages of the various lifetime mortgages and home reversion plans available.
They offer a full independent advice and recommendation service for which they will charge a fee. The fee is only payable when you receive your cash and is typically 1.65% of the amount released. This is an equity release plan. To understand the features and risks ask for a personalised illustration. Think carefully before securing other debts against your home.