*Remember a mortgage is a loan secured against your home. Your home may be repossessed if you don't keep up repayments. Credit and affordability tests apply. A retirement interest-only mortgage (RIO) is a mortgage where you pay the interest every month until the plan ends. The original loan amount is repaid when the plan comes to an end, which is usually when you (or the last remaining applicant) either pass away or move into long-term care. A RIO is typically available to people aged 55 or over.* Later life residential mortgage If you think you’re too old for a standard mortgage or can’t find a conventional one to meet your needs, we can refer you to our expert mortgage advisers within Key Group to help. Mortgages can be used to buy a new property, remortgage an existing one, or release additional funds. It can be on a capital repayment or interest- only basis.* Retirement interest-only mortgages If your adviser believes that an alternative mortgage product may be suitable for you, they will refer you to another specialist within Key Group who'll search the whole mortgage market to find the right plan for you. Here are some examples of different products and solutions that may be right for you: Other later life mortgage options With The Equity Release Experts, your equity release adviser will consider other options during your advice process that may better suit your needs. And if another option is more suitable for you, we’ll tell you.
What other options are there?
Downsizing By selling your home and moving to a smaller or less expensive property, you may be able to generate a cash lump sum to help boost your finances in later life. This can be a viable alternative to borrowing against your property; providing you have an appetite for the housing market and aren’t looking to remain in your current home. Unsecured borrowing Typically, through an unsecured loan, you can borrow from £1,000 up to £25,000. The term of the loan and the monthly repayments are usually fixed. So, if you make all the required payments, the loan is guaranteed to be repaid at the end. Using existing assets If you’re able to use any existing assets to help meet your needs throughout later life, such as a pension or savings, your adviser will always recommend you do so before considering property and non-property-based borrowing. Grants and benefits Grants and benefits may be available to those on a low income who need help with a one-off expense or general living costs. There’s an extensive range of financial support available for many needs, such as housing costs, cost of living, and pensions. turn2us.org.uk is a national charity that can help you understand which grants and benefits may be suitable for you. Support from friends and family Could a friend or family member provide the financial support you need? Or are you expecting to receive an inheritance windfall in the future that could help you meet your needs? Although it could be a tricky conversation to tackle, receiving support from family or friends will likely be a much cheaper option than borrowing against your home or moving.
If equity release isn’t right for you, we may refer you to a Key Group mortgage specialist. Their fixed advice fee of £899 will only apply if you choose to go ahead with them.
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