Trip of a lifetime

Retirement could be the time of your life

Retirement – finally you have the spare time to tick off the things you’ve wanted to do and see. Whether that’s spending more time with the grandchildren or seeing the Seven Wonders of the World. Everyone has an idea of their own perfect retirement.

Travel and trips of a lifetime have always been popular reasons why people take out equity release*. You’ve worked hard all your life and paid into your home, so when retirement approaches, it’s great to know your home could pay you back.

But in the current situation, should you put these plans on hold?

* Key's Market Monitor Report

 

Short term and long term needs

It has always been vitally important that you balance both your short-term and longer term financial needs but now, more than ever, the need to get good quality advice is crucial.
 
Equity release can last a lifetime and so it is important not to rush into a long-term financial decision just to service a short-term need. 

If you want to release equity from your property to repay existing debts, increase your income or support a family member then it may well be that an equity release adviser recommends you go ahead if they're sure it's suitable for your personal circumstances and that you consider all your options.

However, there are some obvious reasons for releasing equity which might not make so much sense given the coronavirus pandemic. 

For example, many people release equity to pay for holidays or to buy new cars or make some home improvements**.  

If this is what's motivating you, it may be more sensible to review your options with an adviser but postpone releasing the cash until you can put the money to good use.

** Key's Market Monitor Report

Is equity release right for you?

Equity release is a way for homeowners aged over 55 to release some of the tax-free cash from their property to spend on a variety of uses. However, it’s not suitable for everyone.  

At Key Equity Release, our specialist equity release advisers will discuss your needs and ensure you consider all your options, and their expert advice is available over the phone, via video appointment or face-to-face, whichever is right for you.
 
And, if equity release isn’t right for you – we’ll tell you.

Things to consider

• All our equity release mortgage advice relates to Key lifetime mortgages only - a loan secured against your home
• Equity release will reduce your estate’s value and may affect your entitlement to means-tested benefits
• A lifetime mortgage may result in limited or no property equity remaining and will reduce your financial options in the future
• The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care
• £899 advice fee only payable on completion