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Could your home’s value help to boost your later life finances?

Your Money
Friday 28 October 2022
Whether it’s the small things, like regular meals with friends or treating the grandkids; the recent rises in the cost of fuel and food may have limited your disposable income and forced you to make unwanted decisions that’ll limit your enjoyment of later life.

For many, these price rises come at a time when finances are already finely balanced, with more than 1 in 3 retired households saying their monthly expenditure exceeded their income at least sometimes in 2022. And unsecured debt alone, such as credit cards, is expected to rise by over a third this year alone.

However, in 2022, homeowners aged 55 or over were reported to have a collective property wealth of £4.4trillion. So now may be the right time to consider whether your property wealth could be a solution to help boost your finances and help you live a comfortable later life.

Equity release could help you live the later life you want

Through a lifetime mortgage – the most popular form of equity release – you could be able to unlock some of your property wealth in tax-free cash to help boost your later life finances.

You could release between £10,000 and up to 44% of your home’s value*, depending on your circumstances. And as there are no mandatory monthly repayments, it could leave you with more disposable income each month to spend on what’s important to you.

As well, by choosing a lifetime mortgage you’ll retain full ownership of your home and can stay in it for as long as you wish.

And your plan will also come with a no negative equity guarantee. This means that should house prices fall, you’re protected, as you can’t owe more than your home’s worth or pass on any equity release debt to your loved ones when your plan ends.

They’re just some of the reasons why lifetime mortgages have become an increasingly popular way for over-55s to access some of their home’s value without having to downsize.

The importance of expert advice

But the need for expert advice is crucial. At Key, we have more than 20 years’ experience providing over-55s with specialist advice. We've helped more than 1 million people decide if equity release is right for them.

Our equity release advisers will help you balance your current needs with your long-term plans, ensuring you’ve considered all your other options before going ahead.

You might be able to downsize your property to free up funds, use savings, or even borrow from friends or family. No matter your needs, we’re here to ensure the decision you make is the most suitable one for your circumstances. And if equity release isn’t right for you, we’ll tell you.

We don’t charge anything for our initial advice. You only pay a fee if you choose to go ahead. That’s so you can explore equity release as an option with an expert equity release adviser without it costing you a penny.

If you’d like to find out more about equity release and see if it’s right for you, order your FREE guide by clicking here.

Or use our FREE online calculator here to see how much you could release today.

Equity release reduces your estate’s value and may affect your entitlement to means-tested benefits. Our equity release advice relates to Key-branded lifetime mortgages only - a loan secured against your home. With a lifetime mortgage, there are typically no monthly repayments to make, as the loan, plus roll-up interest, is repaid when the plan comes to an end. £1,299 fee only payable on completion.

*On average, Key customers released 28.7% of their property value in 2021
Page last updated: Tuesday 16 April 2024