Is equity release safe? Yes, all Key Later Life Finance equity release advisers have specialist qualifications and you can only take out equity release if you’ve received advice from a qualified adviser. It’s important you get that support to help you make the right choice.
As an extra safeguard, we’re a member of the Equity Release Council (ERC) and recommend lifetime mortgages and payment-term lifetime mortgages that meet ERC standards.
Equity Release Council guarantees We recommend lifetime mortgages and payment-term lifetime mortgages that meet Equity Release Council standards and come with the following guarantees: Stay in your house You'll retain full ownership of your home and can stay in it for as long as you wish* You can still move home You have the right to move home in the future, subject to criteria No negative equity guarantee You'll never owe more than your home's worth or pass on any equity release related debt to your family, provided terms and conditions are met Fixed interest rate Your interest rate is fixed for the life of your loan, so you’re protected against any future rate rises Flexible payment options There are typically no monthly repayments to make with a lifetime mortgage, but you have the right to make voluntary payments without incurring an early repayment charge, subject to lending criteria. With our payment-term lifetime mortgage, you make mandatory payments* until the oldest applicant turns 66, however, after that you can make reduced or no monthly payments and overpayments can still be made at any time, subject to criteria Things to consider It’s important to remember that a lifetime mortgage and payment-term lifetime mortgage may leave you with limited or no property equity remaining and they'll reduce your financial options in the future. Lifetime mortgages and payment-term lifetime mortgages are loans secured against your home and are subject to compound interest, meaning the amount you owe can grow quickly. *There’s a period of mandatory payments with a payment-term lifetime mortgage, and your home may be repossessed if you don't keep up with these payments.
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