Equity release – at a glance
- You will receive a cash lump sum or series of payments, dependent upon the type of scheme you choose.
- There are typically no monthly repayments to make.
- You have the complete freedom to spend the money how you wish.
- You can stay in your home for life or for as long as you choose.
- There are a wide range of equity release plans available, which can be tailored to your individual circumstances.
- An equity release scheme will reduce the value of your estate.
- Your entitlement to means-tested benefits may be affected. Consulting an equity release adviser will help you learn more about this and whether it will affect you.
Who qualifies for equity release?
To qualify for an equity release scheme you must:
- Be over 55 (both partners if a couple)
- Own a home worth at least £70,000
- Be living within the UK mainland or in Northern Ireland.
Find out whether you qualify for equity release and how much cash you could potentially release from your home through our free equity release calculator today.
What are the different equity release plans?
- Lifetime mortgages – plus drawdown lifetime mortages, interest-payment lifetime mortgages and enhanced lifetime motgages
- Home reversion plans
Further information about home reversion plans can be found in our FREE equity release guide. We can post this out to you with a complimentary copy of our DVD, which you can peruse at your leisure in the comfort of your home.
Ensuring your safety throughout
The Financial Services Authority (FSA) ensures that customers who take out an equity release plan are protected throughout the whole process. Key Retirement Solutions is regulated by the FSA and adhere to their guidelines and regulations. Our extensive training programme for all our advisers is the only course accredited by the Institute of Financial Services’ School of Finance.
If you are looking into equity release we recommend that you consider Equity Release Council approved equity release plans, which come with guarantees that you:
- Will never fall into negative equity. This means that you will never owe more than the value of your home.
- Have the right to remain in your home for life, or for as long as you choose.
- Have the freedom to move to another property without financial penalty (subject to provider criteria).
If you are considering equity release as your next financial move then you should read through is it right for you? carefully.