Equity Release Lifetime Mortgage

Equity Release Lifetime Mortgage

Looking to raise tax free cash without moving home?

Compare Equity Release Quotes From UK Providers

Mortgages In Retirement

Mortgages In Retirement Service

  • Borrowing options from age 55 to 99
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  • Interest only options
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Lowest Rate Promise or Key Advice Will Give You £500!

If you’ve already had equity release quotes from providers or advisers, arrange a consultation, give Key Advice the same criteria and they will beat or match their rate or pay you £500. This challenge only applies when you’ve had a consultation with Key, and to Equity Release Council approved plans available at the time of your recommendation from Key.

Equity Release Lifetime Mortgage

If you are nearing retirement age and require extra funds to supplement your retirement income, you may wish to consider an equity release scheme.

There are two main types of equity release deal, lifetime mortgages and home reversion schemes.

A lifetime mortgage equity release deal will tend to work in the following way:

  • You would take a loan out against the value of your house
  • You could either receive this loan as a lump sum or, on a lifetime mortgage with a drawdown facility, you could opt to release funds later on
  • Your house would continue to be yours for the rest of your life, or until you move permanently into a residential home
  • When you die or move into a care home, the provider would sell your property, with the proceeds being used to pay off your loan

For many people, equity release through a lifetime mortgage deal could see the following benefits:

  • Gives you access to funds, potentially allowing you to have a more comfortable retirement
  • Allows you to continue living in your property, as opposed to alternatives such as ‘downsizing’
  • The flexibility of receiving a lump sum or subsequent payments with a lifetime mortgage that has a drawdown option
  • Unlike home reversion schemes, lifetime mortgages are usually portable – this means that, should you wish to move property, you would not be restricted by your equity release scheme

However, the following drawbacks could also become a factor:

  • The value of your estate could be significantly reduced
  • Your loan may not reflect the current market value of your house
  • You may have to pay arrangement fees, legal fees and valuation fees

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.