Could your home help you in retirement?

An increasing number of over 55s are making their homes work for them in retirement, by tapping into the cash locked in their property.

For millions of older homeowners their biggest and most successful investment is their home, yet many don’t realise they could tap into its value and access tax-free cash. With the average value of a house in the UK more than tripling over the past 20 years*, the key to your financial security in retirement could lie in your bricks and mortar. Reaping the financial rewards of increasing property prices, is usually only possible if you decide to downsize, or sell up for good. However, a lifetime mortgage could allow you to tap into some of the wealth built up in your property, while allowing you to remain living in your home for as long as you choose.

A lifetime mortgage, the most popular type of equity release plan, is secured against your home, just like a traditional mortgage. The cash released is tax-free, and there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end.

You can spend the money however you like; so if you want to undertake home improvements, jet off on an unforgettable holiday, or help out your loved ones, equity release could be the answer. You can even take out a lifetime mortgage if you have an outstanding mortgage, as long as this is cleared when the funds are released.

The Express Equity Release Service is provided by Key Retirement, the UK’s No.1 equity release specialist.

You can feel safe in the knowledge that all of Key Retirement’s equity release advisers are fully qualified and that all equity release plans are regulated by the Financial Conduct Authority. Your adviser will take the time to understand your current situation and find the best solution for your individual circumstances. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits. Due to this it is vital that you understand exactly what taking out an equity release plan means for yourself and your family, both now and in the future. Your adviser will actively encourage you to involve your family in the decision-making process.

Unless you decide to go ahead, Key’s service is completely free of charge, as Key’s typical advice fee of 1.95% of the amount released would only be payable on completion of a plan. *Nationwide House Price Index, Q4 2016