Some points for you to consider before you take out an equity release plan:
- 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 choose to pay it back early, early repayment charges may apply.
- Equity release may affect your entitlement to state benefits and could affect your tax position. Our expert equity release advisers can find out what effect, if any, it would have to help you find the best solution for you.
- All equity release plans will reduce the value of your estate.
- Key always recommends that you involve your family during the whole process so you can discuss your plans with them. Key encourages you to invite your family members to be with you at your free no-obligation consultation, as an opportunity for them to ask any questions.
- You should consider all of the alternatives, such as downsizing or asking family members for help, before making a decision.
- At Key we recommend plans 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.
- A lifetime mortgage, which is a loan secured against your home, accrues compound interest and the amount you owe can grow quite quickly. Our equity release advisers can help you understand how it works before you make any decision.
- Key offers a full advice and recommendation service to ensure you get the best plan to fit your circumstances. Unless you decide to go ahead, Key’s service is completely free of charge as Key’s usual advice fee of 1.99 per cent of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1,499.
If you would like more information on equity release and how it could help you, then simply call freephone 0808 208 5406 to request a guide or to arrange your free no-obligation consultation.
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