Help to boost your retirement finances

Equity release may help fund your retirement by helping unlock cash from your home

The good news is that we’re enjoying longer retirements. However for many, our pensions are struggling to pay for the retirement we always dreamt of. As a result, many of us are looking for ways to boost our finances.

This is where equity release comes in. It allows homeowners aged between 55 and 95 to access some of the tax-free cash locked in their homes. It’s become an increasingly popular option in helping fund a better retirement.

The money released from your property is tax-free and can be used to spend as you wish. That might be home improvements or holidays, clearing existing debts, or even gifting to others.

Many decide to use their tax-free cash to gift to loved ones, so they can see the benefit now. There are also a range of plans that let you guarantee an inheritance for your children, so giving now doesn’t mean they have to miss out later.

What is equity release?

The most popular form of equity release is a lifetime mortgage which is a loan secured against your home. Plans include a range of options to suit your needs; for example, you can take a single lump sum or start with an initial lump sum with the option of taking out more cash in smaller amounts later on.

With a lifetime mortgage there are typically no monthly repayments of the loan plus roll-up of interest is repaid when the plan comes to its end, usually when your home is sold after you pass away or move into long-term care.

Good advice is key

If you’re considering equity release to help fund a better retirement, we can help guide you through your options. We provide expert advice and the information you need to make the decision that meets your individual needs, through:

■ FCA accredited independent advisers – we are not tied to any lenders

■ Face-to-face appointments – in the comfort of your own home ■ Whole of market comparison – we consider ALL providers

After talking you through all your options, we will make a personalised recommendation and, if equity release isn’t right for you, we’ll tell you.

Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits. Unless you decide to go ahead, Key’s service is completely free of charge, as their usual advice fee of 1.99% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1,499. You should always think carefully before securing a loan against your home.

Find out if equity release is right for you by requesting your

FREE Yours guide to unlocking the cash from your home, produced in partnership with the

UK’s No1 independent equity release specialist, Key.