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1 A simple guide to getting more from your future with Aviva Equity Release Best Equity Release Lender J4602_PF011120_1015.indd 1 09/10/15 8:06 pm

2 Contents An introduction to Aviva Equity Release What is equity release? Why choose Aviva? Am I eligible for equity release? Equity release plans offered by Aviva How much could I release? Involving your family Your questions answered How to apply Get in touch Call Aviva today on or visit us online Helping to make your future altogether more comfortable 2 aviva.co.uk/equity-release

3 Thank you for the interest you have shown in Aviva Equity Release. This guide will explain both the product itself and your options in a little more detail to help you make an informed decision about whether equity release could be right for you. Tap into the value of what could well be your biggest asset When you ve worked hard all your life and spent years investing in your home, unlocking some of the capital from it and turning it into cash could be an ideal way to help fund your future plans. Because, on average, we re living longer now than ever before we have more time to enjoy ourselves after a lifetime of work. With this in mind, you could find yourself short of the funds you need to make sure your future is as comfortable as you deserve. Even if you have money in the bank the low interest rates of late can leave you in need of more income. Equity release can provide that extra top up you re looking for, especially if living costs are rising faster than pensions and savings. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. We re here to help After reading through everything you ll probably have plenty of questions so it s always a good idea to speak to one of our friendly team. You can call us on (calls may be recorded and/or monitored for our joint protection) and we can refer you to a carefully selected equity release adviser. The adviser isn t employed by us but can only advise on our equity release products. 3

4 What is equity release? What s a lifetime mortgage? If you own your property outright or if your property is worth more than any loans you have secured against it, then you ve probably got equity tied up in your home. If you do have equity in your home, you may be considering ways of using it to help you enjoy the years to come. A common way of doing this is to sell your home and move to a smaller property. A lifetime mortgage is a long-term loan which is secured on your property. However, you may not want to do this it s your home, not just bricks and mortar. Instead you may find equity release to be a better way of offering you an improved standard of living, without you having to sell your home or move. Equity release could allow you to access some of the money tied up in the value of your home in the form of a tax-free cash lump sum, or by drawing smaller instalments as and when you need them. The type of equity release offered by Aviva is a lifetime mortgage. There have been many positive changes in the equity release market over the last few years with plans being made much clearer, more flexible and better value for money. More and more people are seeing how releasing cash tied up in the value of their home can help them enjoy the life they deserve. Although it s a mortgage, you don t have to make repayments. The loan is designed to be repaid in full, usually from the sale of your property, when you (and your partner for joint lifetime mortgages) pass away or move into long-term care, subject to our terms and conditions. That s why it s called a lifetime mortgage. You continue to own your property and may even still be able to benefit from any future increase in its value. Call Aviva today on or visit us online aviva.co.uk/equity-release 4 J4602_PF011120_1015.indd 4 09/10/15 8:06 pm

5 Benefit from the increase in property prices Despite some house price falls in the last few years, many houses have almost certainly gone up in value since they were purchased. House prices have tripled in the last 20 years so this could mean you have a substantial amount of equity tied up in your property, some of which you could release to help fulfil your plans for the future. Even if you have a mortgage on your home you can still benefit from equity release. All you have to do is pay off your existing mortgage first and then you are free to use the funds however you choose. We have a conformable lifestyle funded by pensions from previous employment, however much of our cash is tied up in long-term investments. Our decision to take out Aviva equity release was prompted by our son and daughter both struggling to get on the property ladder. We really wanted to help them out and felt they would benefit more from receiving a cash lump sum from us at this stage in their lives, rather than after we were gone. We released 30,000 and split it equally between them allowing them to put deposits down on properties they loved. We also set up a cash reserve of 10,000 that we can draw down whenever we need it. It has given us the financial flexibility and peace of mind we need and we are only charged interest on it when we draw from it. Please note: All case studies are fictional and for illustrative purposes only. Image posed by model J4602_PF011120_1015.indd /10/15 8:06 pm

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7 Why choose Aviva? When you re thinking about taking a big step such as releasing equity from your home, you naturally want to consult people who have a strong track record in the field. We re the UK s number one provider of equity release. It s reassuring to know we received both the What Mortgage Best Equity Release Lender and Best Lifetime Mortgage Provider awards in 2015 and Best Equity Release Lender 2014/2015 at the Personal Finance Awards. We ve provided lifetime mortgages to over 162,000 Aviva customers. We ll only sell you a lifetime mortgage after you ve been advised by a professional financial adviser. We re authorised and regulated by the Financial Conduct Authority. Best Equity Release Lender Equity Release Council We re long-standing members of the Equity Release Council, a trade body set up in 1991 to help protect people taking out equity release. If you d like more information about the Equity Release Council call or visit Call Aviva today on or visit us online aviva.co.uk/equity-release 7

8 Am I eligible for a lifetime mortgage? We first looked into equity release when our conservatory fell into disrepair last year and we couldn t afford to repair it. We knew we couldn t stretch to another loan as we already have a car and furniture loans, which eat into our monthly disposable income. The adviser Aviva recommended to us was very helpful and patient and explained everything we needed to know in detail. The overall process was simple and we felt supported every step of the way. We released 40,000, which has allowed us to get a new conservatory and pay off our outstanding debts with enough left over to treat our son, his wife and our 3 grandchildren to a family holiday. Please note: All case studies are fictional and for illustrative purposes only. Many people choose a lifetime mortgage to fund a happier, more comfortable lifestyle. However, there are some conditions. A lifetime mortgage is not for everyone and we may not be able to accept certain types of property. The questions opposite will help you see whether or not you are eligible. It is very important to talk to a financial adviser about this product. They will be able to look at your personal situation and advise you on the best course of action. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Call Aviva today on or visit us online aviva.co.uk/equity-release 8 Image posed by model

9 4 You may be eligible if you answer YES to each of the following questions: 4 Is the youngest applicant a homeowner aged 55 or older? 4 Do you have no mortgage, or only a small mortgage, remaining on your property? If you have an outstanding mortgage, it must be paid off with the proceeds of the loan. 4 Is your property in the UK (excluding the Channel Islands and the Isle of Man) and worth at least 75,000? 4 Do you live permanently in your home? The property must be your main residence and you must not leave it unoccupied for more than six months at any one time. 4 Do you wish to borrow at least 15,000? This is the minimum amount you can borrow on a lifetime mortgage and whether you are able to do this will depend on your age and property value. 4 Do you own a home that is freehold (or feuhold/ ex-feuhold in Scotland) or leasehold with 160 years remaining on the lease, minus the age of the youngest borrower? You should NOT consider a lifetime mortgage if you answer yes to any of these questions: 7 8 Do you have savings or other money you could use first? 8 Would you prefer to sell all, or part of, your home and stay living in it, rather than take out a loan? 8 Would you prefer to sell your property and downsize? 9

10 Equity release plans offered by Aviva We offer two different types of lifetime mortgage to help you unlock the equity tied up in your home Lifestyle Lump Sum Max and Lifestyle Flexible Option. With both options you continue to own your own home and live in it until you (and your partner in the case of joint lifetime mortgages), pass away or move into long-term care, subject to our terms and conditions. There are no regular repayments to make as the money is repaid from the sale of the house when this happens. You don t have to pay tax on the amount you release, but it may affect your tax position and eligibility for welfare benefits. 10

11 No negative equity guarantee This means you or your estate will never have to pay back more than your property is sold for, as long as it s sold for the best price reasonably obtainable. Lifestyle Lump Sum Max This option allows you to borrow a minimum of 15,000 as a one-off cash sum with the possibility to borrow a higher amount (loan to value) or benefit from a lower fixed interest rate, based on your health and lifestyle. Lifestyle Flexible Option This is similar to the Lifestyle Lump Sum Max, however this option allows you to access your money with more flexibility. Rather than receiving a one off cash sum, you can set up a cash reserve and draw down the money as and when you need it. All we ask is that you take a minimum of 10,000 as your initial loan and set up a cash reserve of at least 5,000. Choosing this type of plan can often be more cost effective as you only pay interest on the cash you have taken. Plus, you could also benefit from a lower fixed interest rate based on your health and lifestyle. Optional inheritance guarantee Taking out a lifetime mortgage will reduce the amount of inheritance you can leave. If you want to be sure of leaving something for your loved ones, our inheritance protection guarantee allows you to safeguard a percentage of your home s value, although doing so will reduce the amount you are able to borrow. Voluntary partial repayment For customers who apply for a lifetime mortgage on or after 28th April 2014, once you ve had the plan for 12 months you do have the option to make voluntary partial repayments if you wish. The maximum you can repay each year is 10% of the initial amount borrowed (minimum instalment 500). 11

12 How much could I release? One of the first things you ll want to know when considering this type of product is how much you ll be able to release. In the UK, the Nationwide House Price Index shows the average house price has increased more than three fold since 1995, so it s likely you ll have built up some equity in your home over the years. 51,084 Q ,698 Q ,790 Q ,887 Q ,566 Q The actual amount you could release will be based on your age, property type and value, the type of lifetime mortgage you choose, whether you choose to take our inheritance guarantee and your health and lifestyle. If you re taking out the plan as a couple, it will be based on the age of the youngest person. Please note that minimum age and property values apply. It s worth noting that for flats and maisonettes we only use 85% of the property value to work out how much can be borrowed. You ll also need to pay off any outstanding mortgage with the amount you can release. Any amount remaining will be yours to spend on almost anything you like. 12 If you would like to get a general idea of how much you might be able to release, prior to speaking with an adviser, you can use our online calculator which can be found at equity-calculator Call Aviva today on or visit us online aviva.co.uk/equity-release J4602_PF011120_1015.indd 12 09/10/15 8:07 pm

13 13 J4602_PF011120_1015.indd 13 09/10/15 8:07 pm

14 Call Aviva today on or visit us online aviva.co.uk/equity-release 14

15 Involving your family You may discover that your family is very supportive of your decision as it s quite possible they may have been concerned about you not having enough money to fund a comfortable future. Once your adviser has given you all the facts you need to understand the financial and legal obligations of a lifetime mortgage, you ll have plenty of time to digest everything, consider the options and talk through everything in detail with those closest to you. The last thing we want to do is rush you as we understand that this is a big decision which requires careful consideration. Invite your family to meet your adviser We actively encourage family members to join you at any meeting with your adviser. The adviser will be more than happy for them to ask questions and join in the decision-making process. It may well be a good idea to talk to your family about your plans for equity release as the equity in your home can affect their lives too. The most obvious example of this would be the reduction in the amount of inheritance you would be able to leave them. 15

16 Your questions answered How much can I release? The amount you can release is based on the value of your home and your age when you start the plan. You can only release up to a maximum percentage of the value of your home. This will vary depending on your individual circumstances, and will be based on a number of factors, such as the plan you choose, your age, the type and value of your property and whether you ve taken out our inheritance guarantee. You may also be able to borrow a higher amount based on your health and lifestyle. Our products allow you to take a cash lump sum at the outset, and you may also be able to release further amounts in the future. Your adviser will be able to give you a personalised illustration, and talk you through the product features to help you decide the best one for you. Can I take out more later? You may be able to borrow more if your home increases in value or you don t borrow the full amount, subject to our loan and lending criteria at the time. The interest rate will be calculated on any additional release amount at the time your application is received. Do I still own my own home? Yes, and you can continue to live in it until you die, or need to go into long-term care. You ll need to ensure that you maintain the property in a state of good repair. It s also still your responsibility to insure your property and pay all your property-related bills, such as any service charges, utilities and council tax. Can I end the plan early? Our lifetime mortgages are designed to last for the rest of your life so may not be suitable if you intend to pay it off early. You are able to end your plan early by paying off the loan and the interest, however there may be a substantial early repayment charge for this. Your adviser will be able to discuss this with you. 16

17 Are there any fees? You ll need to pay an initial arrangement fee and a valuation fee, so that the value of your home can be independently assessed. The cost of this is dependent on the value of your home and will need to be paid up-front and is non-refundable. In addition to these initial fees, you may have to pay other fees at a later stage. You ll also need to pay solicitor s fees. What is the interest rate? A fixed rate of interest will be applied to your loan throughout the term of your product. The rate you pay will depend on the rate applicable at the time you apply and the product you choose. If you take out the lump sum flexible option, you won t pay interest on the amount in reserve until its released. The applicable interest rate will be calculated at that time. Our lifetime mortgages have a higher rate of interest than a standard mortgage because you don t make any repayments during the term of the mortgage. Again, your adviser will give you all the details. Can I move? The product is portable, which means that if you choose to move in the future, you may be able to take the plan with you. The new property would need to meet our lending criteria at the time, and if it s worth less than the current one you may need to pay back some of the loan and interest. Who sells the house? The lifetime mortgage can be repaid by any means, although its usually repaid by the money received from the sale of the property. If you go into long-term care, then either you or your solicitor will sell the house. If you die, it will be sold by the person looking after your estate. Any money left over after the loan has been repaid will belong to you or your estate. Call Aviva today on or visit us online aviva.co.uk/equity-release 17

18 Seven steps to realising your future dreams Call us on We ll ask you a few questions to make sure you re eligible for equity release and also tell you how much you might be able to release. We can then arrange for a no-obligation appointment with a financial adviser. The adviser isn t employed by us but can only advise on our products. You will have an initial meeting with your adviser. Typically your adviser will meet with you face-to-face although first appointments are sometimes conducted over the phone (the adviser will call you!). Your adviser will explain the features and risks of our equity release plans. They will provide a personalised illustration and make a recommendation suited to your wants, needs and future plans. You may wish to discuss your plans with your family and decide if equity release is right for you. If you decide you d like to go ahead, you will need to arrange a second meeting with your adviser to discuss the final details and help you to complete your application form. They ll also arrange an independent valuation of your home, so they can tell you exactly how much money you can release. Once your application arrives with us, we ll check all is in order and will await the valuation before confirming the amount you can borrow. Discuss the plan with your solicitor and sign the legal paperwork. You will receive the money through your solicitor. Call Aviva today on or visit us online 18 aviva.co.uk/equity-release

19 I had around 8 years left to pay on my mortgage due to additional lending for home improvements, so my outgoings each month were pretty substantial! I was struggling to afford anything more than the absolute basics with my modest income and after working hard all my life and struggling to bring up 2 children on a single wage, I felt like I deserved to be able to treat myself every once in a while. This is when i spoke to Aviva and realised that not only was I eligible for equity release, but I could release enough cash to treat myself, my girls and my grandson to a holiday to America (which is somewhere I ve always wanted to visit) as well as a cash reserve i could draw on when needed so that my daily life wasn t such a struggle. The process was very easy and I involved my girls right from the beginning. Please note: All case studies are fictional and for illustrative purposes only. Image posed by model 19

20 Retirement Investments Insurance Health PF /2015 Aviva plc Aviva Equity Release UK Limited. Registered in England. No Rougier Street, York, YO90 1UU. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number aviva.co.uk

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