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How to help fund a better retirement while caring for loved ones
It’s becoming increasingly common for those in or approaching retirement to find themselves supporting elderly parents as well as adult children – or even grandchildren.

Helping both older and younger generations is leaving those in the middle, the sandwich generation, burdened with responsibility.

And with that can come added financial pressure.

What’s caused this?

An increasingly aging population has made it more necessary than ever to ready homes for older occupants. Doing this, however, is rarely cheap.

Paying for care, installing a wet room or putting in a stairlift are just three expenses that can eat into any savings you might have. With full-time home care, for example, starting at around £30,000-a-year*, it’s easy to see why.

Then there’s the younger generation’s financial struggles to think about. Of all parents, 40% worry that their children will never be able to own their own home*2.

When you consider that house prices have risen by around 400% across the UK since 1993*3, it’s not difficult to understand why.

But that’s only one of the financial struggles the young are facing. Help with university fees, clearing student debts or buying a first car could all eat into the reserves you had earmarked for your own retirement.

Is there a solution?       

Equity release may be an option for those who find themselves stuck in the sandwich generation.

If you’re over 55, own your own home and would like to release some of the tax-free cash tied up in your property, it could be for you too.

Certainly, you wouldn’t be alone if you were considering equity release as a means by which to help family. More than a quarter of those who took equity release during the summer of 2018 did it to support others*4.

And when you consider the cost for just 14 hours of home care a week will amount to almost £11,000-a-year*, for example, it’s not a surprise to see so many using their biggest asset in this way.
But before making a decision on whether equity release is right for you, it’s important that you seek expert advice. In fact, it’s a regulatory requirement.

Here at Key, however, we know equity release may not be suitable for everyone. And in your initial no-obligation, no-fee appointment with one of our expert advisers, if it’s not right for you, we’ll tell you.

After all, good advice is Key.

Things to consider

Our independent, specialist equity release advisers compare products from the whole of the market to find the most suitable equity release plan for you. They’ll discuss all the options available to you and explain that taking an equity release plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.

With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. As with any kind of mortgage, it’s a loan secured against your home that is repaid when you or the last surviving applicant pass away or move into long-term care. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.

You should always think carefully before securing a loan against your home.

Your initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan, our advice fee – usually 1.99% of the amount released, subject to a minimum of £1,499 – is payable only on completion.

*4 Key’s Q3 2018 Market Monitor Report

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