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1 Your Equity Release Guide By harvey jones In association with

2 CONTENTS Introduction... 5 What is equity release?... 8 How does equity release work? i. Lifetime mortgage plans ii. Drawdown lifetime mortgages iii. A combined solution iv. Interest payment plans v. Home reversion plans Is equity release right for me? How do I seek advice? How will my estate be affected? Frequently asked questions Speak to the experts ABOUT THE AUTHOR Harvey Jones is a financial writer and editor. He has worked for the Daily and Sunday Express for more than a decade and is currently the Personal Finance Editor for the Daily Express. He has also written a number of consumer guides for companies such as insurers, pension providers, financial advisers and comparison websites. 2 Copyright The Express The information in this guide is correct at January 2015 but tax and benefit rules, interest rates and product features change frequently. The Express and Key Retirement accept no liability for decisions taken on the sole basis of this information and always recommend you take personal advice. 3

3 INTRoDuCtion For most older people, their home is the most valuable investment they have. It's more than just a place to live, it's their primary source of wealth. Many will therefore be celebrating the fact that on average house prices have been rising across the UK, because it makes them feel wealthier. Total UK pensioner property wealth has now hit 827 billion, up 20.3 billion in the three months to the end of September * This has made the average retired householder 4,341 better off in just three months, a figure that rises to an incredible 23,118 in London. Yet many of these pensioners are struggling to cover their everyday spending, or fund expensive one-off commitments, such as doing up their home, buying a new car, or taking the holiday of a lifetime. There's little benefit to feeling richer unless you can actually put the money to work. But that's exactly what equity release allows you to do. An equity release plan can unlock the money tied up in your property, and turn it into cash that you can spend today. Whether that's preparing your home for retirement, clearing your debts, replacing your old car, helping your family get on in life, or taking a well-earned trip overseas, equity release can help. It can take the sting out of money worries in retirement, and allow you to live your final years to the full. No wonder equity release is rapidly growing in popularity. More than 21,000 people took out a plan in 2014, releasing more than 1 billion of equity from their homes. # In the third quarter of 2014 plan sales were up six per cent on the same period in Equity release sales in general also increased, from million (third quarter 2013) to million (third quarter 2014). ** Most people don't take out the maximum amount they can from their property, but a relatively small percentage, typically around one-quarter. The average equity release customer released 67,500 on average, up from 57,286 for the same period the previous year. ** Can you imagine what these kind of sums could do for your retirement? Especially since so many people are finding the going tough these days. Why should I speak to an adviser? Once you have read this guide, you should have a good idea how equity release works and what it has to offer. An independent specialist adviser should take an in-depth, expert look at your circumstances and help you decide whether equity release is the right option for you. Bear in mind that if you speak directly to a company which sells equity release plans (ie. a provider) it will only be able to offer you its own products. An independent adviser, on the other hand, will be able to advise you on equity release plans from the whole market: this means you are more likely to get the most appropriate deal.remember, you can speak to an adviser without making any commitment to signing up to an equity release plan and this noobligation consultation shouldn't cost you anything. *Key Retirement Pensioner Property Index May-Aug 2014 # Equity Release Council Q ** Key Retirement Market Monitor Q

4 Despite signs that the UK economy is picking up, interest rates will be slow to follow, as the Bank of England repeatedly pushes back the first base rate hike. And even when rates do increase, the Bank has warned they probably won't return to their former highs, so the savings squeeze could last for years. At the same time, living expenses continue to rise, putting a further strain on pensioners' incomes. The annual cost of being a pensioner is 10,387, with the food bill the biggest cost at an average of 1,563, followed by housing and fuel at 1,485, according to research from Key Retirement. Worse, many people are reaching retirement with unpaid debts, especially following the endowment mortgage shortfall, which left many older people unable to pay off their interest-only mortgage. Mortgage regulation has been tightened lately, and this has made it much harder for older people to get a conventional mortgage, especially if the term stretches beyond the state retirement age. By contrast, equity release is aimed at older people aged between 55 and 95. The older you are, the more money you can release from your property. A growing number of people are hitting retirement with unsecured debt, in the shape of credit cards, overdrafts or outstanding personal loans. With an equity release plan you don't even have to make any repayments during your lifetime. The amount owed is paid back from the sale of your property after you and your partner die or move into long-term care. Given the hardship many older people now face, many will be pleased that at least the housing market is pointing in the right direction. The vast majority of older homeowners, who have owned a property for many years, are now sitting on large amounts of housing equity. Equity release can help them generate large lump sums, or draw regular, smaller amounts, to get their finances in shape, and live retirement to the full. There are a number of options to help you take advantage of your equity, and you should speak to a qualified independent equity release specialist to discuss which suits you best. You need to explore all the alternatives for raising money, such as continuing to work, claiming all your state benefits, downsizing to a smaller, cheaper home and what pension provision you have available. From April 2015, under new pension freedom rules, the obligation to buy an annuity by age 75 will be swept away. Retired people will be able to use their pension as a cash machine instead, withdrawing money when they need it. The problem is that withdrawals will deplete your pension pot, and you will lose all future growth on that money. It may be better to leave your pension invested, and raise cash from your home through equity release instead. Again, this is a complicated area, and specialist advice is important. Over the years, equity release has become a more and more flexible product, offering different plans tailored to individual circumstances. If you or your partner have health problems, or smoke or drink heavily, enhanced plans may allow you to generate even more cash by taking these issues into account. Protected plans are also available, which allow you to guarantee an inheritance to your family. Some plans give you the option of paying the interest as you go along, which will reduce the final amount owed and allow you to leave a larger inheritance to your loved ones, by reducing the overall cost. A growing number of plans allow you to pay off a chunk of the capital you borrowed, typically a maximum 10 per cent a year. This can be a handy option if you suddenly come into money, say, from an inheritance. You therefore have the freedom to tailor equity release to you and your family's personal needs. This guide is aimed at those who are aged over 55 and who are concerned with how they will pay for their retirement or want a lump sum to spend for any reason, whether on loved ones, to help clear debts, or make improvements to their home. It is also suitable for those people whose parents or older relatives are coming up to retirement, or have already retired and find themselves unable to afford the retirement they d hoped and worked for. In this guide, we will explain your options for raising extra cash for your retirement. We will look at how equity release works, and the differences between the various types of plan. Finally, we will also show what safeguards are in place to help you make the most appropriate decision, and explain how to find impartial advice. What steps should I take? Read this guide Discuss your options with an independent equity release specialist Consult with family members before deciding on a plan of action, and invite them to take part in the process Make the most of your future! 6 7

5 What is equity release? Equity release plans help you unlock the value of your property without having to sell up or move out. Instead, you and any partner can carry on living in your home for the rest of your lives. The most popular type of equity release plan, known as a lifetime mortgage, allows you to take out a long-term loan using your property as security. You don't have to make any repayments on this loan while you are alive. Instead the compound interest on the money you borrow rolls up, year after year, until the total debt is finally repaid when your house is sold after you and your partner die or go into long-term care. An alternative type of equity release plan, known as home reversion, lets you sell all or part of your home for a cash lump sum, in return for the right to remain resident there for the rest of your lives. When you and your partner move out or die, the equity release company receives the value of their percentage share of the property. Do you qualify for equity release? You typically qualify if: l You are aged between 55 and 95 l You own your own home, and it is worth more than 60,000 l You live in the UK or in Northern Ireland There may be other factors you will need to consider, so consult with a specialist independent adviser who is familiar with all the plans available and the necessary qualification criteria. If you have children or family, you should get their views before signing up to equity release. It is important to involve them in the decision, as equity release will affect the amount of money they potentially stand to inherit. A good equity release specialist will encourage your family s involvement. Research shows, however, that most children are keen to see their parents better off in retirement, using the wealth they have accumulated in their own home. What are the alternatives? Do nothing If you have a sufficiently large pension or other assets which can be easily turned into cash, such as stock market investments, you probably don't need to take out an equity release plan. You can simply enjoy the fruits of your financial planning. Workers who have been lucky enough to stay in 'gold-plated' final-salary pension schemes for most of their careers are likely to be better off in retirement than those who are relying on the performance of stocks and shares to fund their future. If your pension is large enough to produce the income you need for the rest of your life, you probably don't need to use your home to raise money. Move to a smaller property If you own a home which has increased in value over recent years, you might consider downsizing to a smaller property, and use any profit from the move to boost your retirement spending. If your children have grown up and moved out, this may seem a sensible course of action rather than staying in a property which is larger than necessary. But downsizing won't appeal to everyone. The cost of moving, including estate agents and solicitors fees, stamp duty and removal costs, will typically run into thousands of pounds, eating into any profits you make. Unless you own a large home in a property hotspot such as London and the South-East, and are moving to something smaller in a cheaper part of the country, the sums may not add up. Other objections to downsizing include: l The hassle of packing and moving. l Reluctance to leave friends and family who live nearby. l The home has too much sentimental value. Other forms of borrowing There are other ways of raising money aside from equity release, for example, taking out a conventional mortgage or personal loan. These alternatives would involve a monthly repayment commitment, however, so make sure you can afford that from your income. Another problem is that it has never been that easy to get a mortgage as you get older, especially if you want the term to run beyond age 65. The regulatory authorities have tightened lending rules in a bid to prevent another housing bubble, and many banks and building societies are turning older people away as a result. The same is happening with unsecured borrowing such as credit cards and personal loans. As you get older, credit is harder to get, as lenders fear that you won't be able to manage your repayments after you stop working and your regular income dries up. This isn't a problem with equity release, because you don't have to make any repayments at all, as the debt is ultimately cleared by selling your home. The need for advice The role of a specialist independent adviser is to talk through with you all your options, to ensure you find the correct solution for your financial needs now and for your future. 8 9

6 Possible uses for the money raised by equity release plans The money from an equity release plan is yours to do with as you wish. Most people spend it on a number of different things. The most popular use is to fund home improvements. This might mean a new kitchen or bathroom, or upgrading your property to make it convenient to use in later life. Following recent economic problems, including falling wages and rising living costs, many homeowners are using the money to clear their own mortgage, credit card or personal loan debt. A growing number of people use equity release to help younger members of their family, giving their children or grandchildren cash to help pay for university tuition fees or to get on the property ladder. They see this as helping their loved ones benefit from their inheritance today, when they really need it, rather than at some distant point in the future. Using the equity release payout to help, say, your children buy a property makes sense. It means they can buy their first home sooner rather than later, giving them a valuable asset that should grow in value, while also saving on rent. Most common uses for the money raised through equity release are: Home improvements, repairs or maintenance. Pay off bills or outstanding debts. Fund a holiday. Help or treat family members and friends. Generate additional income for day-to-day needs. Pay for a special celebration. Meet the cost of medical or residential care. Points to consider Before you agree to an equity release plan, you need to discuss a number of key factors with a specialist adviser to make sure this is the right thing to do for you, your partner, and your family. Will equity release hit your eligibility for state benefits? Many benefits such as pension credit and council-tax benefit are means-tested, so the more income or capital you have from other sources, the less benefits you may receive. Some advisers have specialist computer software which analyses your current entitlement to benefits, and explains how they would be affected by equity release. They can also show you how to release equity in a way that has no effect on your entitlements. Your adviser can also tell you whether you are currently claiming all the benefits you re entitled to. What impact will equity release have on the inheritance you can leave your family? By unlocking some of the value of your home now, you will reduce the size of the estate you can eventually bequeath to your beneficiaries. Again, a specialist adviser can explain how equity release will affect your family's inheritance, and what options you have to guarantee an inheritance, if this is important to you. Your adviser should also stress the benefits of involving your family in the decision to release equity from your home

7 How does equity release work? There are different types of plans that work in different ways. Each has its advantages and disadvantages depending on your circumstances. This is why you should sit down with an experienced, independent specialist adviser to work out which plan is most appropriate for you. i. Lifetime mortgage plans A lifetime mortgage enables you to take out a loan secured against your home, in return you receive a tax-free lump sum. But unlike a traditional mortgage, there are usually no monthly repayments to make. The compound interest simply rolls up over the period of the mortgage, and only has to be repaid, along with the capital you originally borrowed, when your home is sold following the death of the last surviving partner, or when they move into long-term care. Even though there is no immediate requirement to pay off the loan, what you owe can quickly mount up. If you borrow at 6.8 per cent a year, say, the size of your debt doubles every 11 years. But increasing demand for lifetime mortgages, as well as the downward trend in UK interest rates over recent years, means that rates are becoming more and more competitive. Lifetime mortgages are available to those aged 55 to 95, and while age is one of the main considerations for how much you can release, other factors such as your health and lifestyle also play a part. Equity release firms will only lend to owners of properties worth at least 60,000. To give customers peace of mind, all providers offer lifetime mortgages with fixed interest rates. This means the rate remains the same over the term of the loan, irrespective of what happens to interest rates in the wider economy. Reputable providers will also guarantee that you can live in your home for the rest of your life, even if the property falls into negative equity, where the money you owe on the property exceeds its value. They also offer a hugely valuable no-negative equity guarantee, which means you will never be asked to repay more than the value of your home at the end of the mortgage. Enhanced equity release plans If you or your partner have a serious illness or an unhealthy lifestyle, you may be eligible for an enhanced equity release plan, which allows you to unlock more money from your home. Enhanced plans are available for a wide range of health conditions including high blood pressure and diabetes. Even a lifestyle choice such as smoking could mean you qualify. Applying for an enhanced lifetime mortgage is straightforward and does not require a medical examination. Protected plans Some equity release plans allow you to protect a percentage of your home s value. This useful feature means you can guarantee an inheritance to your family and loved ones

8 Example case study John and Barbara Parker are both 70. They have 2 grandchildren who are both planning to go to university but need help paying their fees. They were delighted that they were helping to contribute towards their grandchildren's education. John and Barbara had read about equity release in the paper and decided to look into it further. Their specialist equity release adviser went through all the plans available in great detail and left them to make a decision in their own time. Their house is valued at 250,000 and they choose to release 64,000 enabling them to give their granddaughters the money they need to cover the cost of university and also leave them with some money to make some much needed home improvements. Their interest rate is fixed for the term of the loan so they know exactly what will need to be repaid. Barbara dies at the age of 80 and John five years later at age 85. The house is sold by which time it is worth 290,242. The loan, plus interest is now repayable and stands at 165,062, leaving an inheritance of 125,180 for their family. COMPARISON BETWEEN A STANDARD LIFETIME MORTGAGE AT 64,000 AND A DRAWDOWN OPTION RELEASED OVER 15 YEARS WITH AN INTEREST RATE OF 5.89 PER CENT, BASED ON A 70-YEAR-OLD MALE Option Initial Advance Drawdown at end of year Outcome after 15 years Interest Charged Total Owed Lump sum 64,000 n/a n/a n/a n/a 87, ,009 Drawdown 20,000 15,000 8,000 7,000 14,000 50, ,926 Saving 36,083 iv. Interest payment plans With most equity release plans you don't have to make any monthly repayments, as you would with a traditional mortgage. But some plans do give you the option of making interest payments, if you wish to do so. The advantage of making interest payments during the plan term is that you will owe your provider less money at the end of the plan, as you will have already paid some or all of the interest accrued. If you find that you can no longer afford to make the payments, the plan can be converted into a standard lifetime mortgage, where the interest is added onto the loan instead. ii. Drawdown lifetime mortgages A highly popular type of lifetime mortgage, known as a drawdown plan, allows you to make cash withdrawals as and when required. You are only charged interest on the money you have taken out, from the moment it is withdrawn. This means you don't have to borrow money, and incur interest charges, until you need it. Drawdown plans are the most popular form of equity release plan thanks to their flexibility, and the amount of interest they help you to save. Typically, you have to take a minimum iii. A combined solution It is possible to combine some of the different options within the same lifetime mortgage. For example, you could set up a drawdown plan with the option to protect a proportion of equity, which gives you the double benefit of only paying interest on the amount used at each stage and the lump sum of 10,000, but can then withdraw sums from as little as 2,000 thereafter. Drawdown plans can also be an ideal way to fund the cost of care in the home, because their flexibility can help you meet the changing costs over time. Around two-thirds of all equity release plans currently taken out are drawdown. If you re considering a drawdown option then it is essential that you read the Lasting Power of Attorney section on page [23]. reassurance that you can leave a guaranteed inheritance for loved ones. Alternatively, you may qualify for an enhanced plan and want protection. A specialist independent adviser will discuss your various options and how they suit your needs. Example case study Thomas Parry is 71 and had a stroke three years ago. He wants to adapt his home to make life easier. Thomas mortgage is paid off and his property is valued at 220,000. He knows that the money he needs is tied up in his home. He has previously considered equity release but is worried about not being able to leave an inheritance for his three children. After talking to an adviser, Thomas decided to choose a protected plan with a drawdown facility. Due to his health condition, he can release up to 91,960. He only needs 20,000 for the adaptations, which is 21.7 per cent of the total amount he could release. This leaves 78.3 per cent of the property s value protected as an inheritance for his children. As he s chosen a drawdown plan, Thomas knows he can withdraw more money in the future if he ever needs to, although this will reduce the amount of protected inheritance. Example case study John Riley, 72, wanted to ensure he would be able to leave a sizeable inheritance to his children. He was concerned about how interest could increase on the equity he wanted to release, so he looked into interest payment plans. These plans would allow him to make regular interest payments on his loan and accordingly reduce the final cost at the end of the plan, as the interest already paid on his loan would not roll up. John releases a cash lump sum from his 215,000 home and chooses to set his interest payments at 299 a month. This allows him to release a total of 59,000 to spend, whilst also providing him with peace of mind that his children s inheritance is secure. John dies at 87, after making monthly interest payments for 15 years. The total amount he owes is 59,

9 v. Home reversion plans This type of plan involves you selling part or all of your property to an equity release provider. In return you get a tax-free cash lump sum plus a lifetime lease, giving you the right to remain living in your property until you and your partner die or move into long-term care. You should also be given a guarantee that you can move to another property and take the plan with you, subject to certain criteria. A key benefit of home reversion plans is that, so long as you have not exchanged 100 per cent of your property s value, you will retain a fixed proportion of your home, meaning that you will definitely have something to pass on to your beneficiaries in your Will. Any increases in the property s value after you have taken out the plan will be shared between you and the plan provider in line with the proportion sold. Reversion plans have fallen out of popularity of late, because lifetime mortgages tend to be more flexible. Switching plans As the number of plans on the market increases, it is increasingly easy to switch from one plan to another, say, to take advantage of lower interest rates or release more money. But you must brace yourself for extra charges if you move to another plan. It is therefore vital that you seek expert guidance before deciding whether this is appropriate, and whether the extra charges are worth incurring. Comparison Chart Feature Lifetime Mortgage Home Reversion Drawdown Plan Take smaller amounts of money when you need them You own all of your home You sell a share of your home Interest accrues on the loan Secure a pot of money for the future 16 17

10 Is equity release right for me? If you are interested in equity release, it is important that you have complete peace of mind that this is the most suitable course of action for you, and you have chosen the right plan. You should therefore approach an adviser who will only recommend providers who are an accredited member of the equity release industry trade body the Equity Release Council (ERC). Further to the protection offered by the ERC, the Financial Conduct Authority (FCA) regulates the way equity release plans are sold. All ERC-approved equity release plans guarantee that: l You will never owe more than the value of your home. This is a no negative equity guarantee. l You can move property if you wish. The plan moves with you, and you have the right to live in the property for the rest of your life (subject to criteria). l The plan will only come to an end after both you and your partner have either died or moved into long-term care. This means that firms which sell the plans must meet FCA guidelines on marketing, sales literature, and advice. Customers benefit from statutory protection and, if needs be, access to official compensation schemes such as the Financial Services Compensation Scheme. Traditionally, the family home has been considered an asset that can be passed on to the next generation in the form of an inheritance. Many people are put off by the thought of giving part of their home to a financial services company, when they had hoped to be able to pass on the property to children or other relatives. But research has found that the majority of children are happy for their parents to take out equity release plans. Experienced independent advisers will always recommend you involve your family in any decision to use equity release. And as mentioned, today's equity release plans allow you to protect at least some of their inheritance. If a UK equity release company were to go into administration, its customers plans would simply be taken over by another firm, with no changes to terms and conditions

11 How do I seek advice? l Utilities bills, council tax and other outgoings. l House maintenance and decoration. You also need to bear in mind the possible effects of any changes in the income you receive. Ask yourself: An experienced adviser will be able to explain whether equity release is suitable for you, how it can help you, and the potential benefits and drawbacks of the different plans on the market. The Financial Conduct Authority (FCA) monitors the work done by all independent advisers. The FCA s predecessor, the Financial Services Authority, has in the past warned consumers to be careful, because some advisers only dabble in equity release, only occasionally arranging such plans for their clients. Make sure your adviser regularly deals with equity release, and that it is a major part of their business, to ensure you're getting the very best advice. Before you speak to an adviser, consider how much income or capital you need, and what you would like to get out of an equity release plan. Start by looking at your current retirement income and expenditure. This should involve calculating: l Any state benefits you are entitled to. l Other income you receive. l Weekly living costs. l Leisure or sports activities. l Dining out and entertaining. l Holidays and weekend breaks. l Insurance. l Do you have enough income to sustain the lifestyle you wish to lead? l Could your income change in the future? l Could inflation erode the value of your savings? l How will your income be affected if your partner becomes ill or dies? l Will your income last as long as you will? l Do you have enough funds to cover any large unexpected costs such as a new central heating boiler? l New items you need or want to purchase

12 To give yourself peace of mind in dealing with an adviser and to understand what sort of service you are going to get it is worth asking them a number of questions: Is your advice on equity release limited to plans provided by a single company or panel of companies? An independent adviser will be able to search the whole market and compare all the plans available to you in order to select the one which suits you best and at the best price. This is something you will miss out on if your adviser is tied, or using a limited panel of companies. Which companies do you usually recommend? The adviser should mention four or five ERC member companies at least. If the adviser mentions only one or two companies, they may be receiving extra commission from those providers, or they may be unaware of who else is available. Can you explain the difference between a lifetime mortgage and a home reversion plan? The adviser should be experienced in advising on equity release and be able to clearly explain the different plans available to you. Only use an adviser who can arrange both types of plan. How many equity release plans have you arranged in the past six months? Make sure the adviser is up to date with all the What to expect from your adviser The best advisers should be able to compare plans across the whole market, show evidence of how they have researched your personal circumstances, clearly explain the pros and cons of any plans, and explain how they have reached their conclusions. current regulations, and that you are not their first equity release client. What qualifications do you have? They should hold at least one equity release qualification, for example the Institute of Financial Services Certificate in Regulated Equity Release (CERER). Can my family attend all consultations? A good adviser will encourage you to have family support whenever you need them and should welcome your family at any appointments you have. They may ask questions you have not thought of, and involving them now may make things easier for them when the plan comes to an end. The adviser must also produce a document which explains what type of an adviser they are and how you pay for their services. The adviser should also keep you regularly updated on the progress of your application, so you know exactly where you stand at any given time. How will my estate be affected? Inheritance Tax Inheritance tax remains an important issue for thousands of families. The threshold (nil rate band) is set at 325,000 at the time of writing. The rate of Inheritance Tax is 40% on anything above the threshold. Married couples and those in civil partnerships are allowed to combine their 325,000 allowances, so that the second spouse to die will be able to leave assets worth up to 650,000 tax-free. This strategy was, however, already possible for couples who had their Wills set up in the right way. You may assume that you can reduce your inheritance tax liability by giving your house to your children, even though you continue to live in it. However, this does not work, due to the gift with reservation rule. Under this rule the house would still be a part of your estate while you continue to have the benefit of living in it. Equity release will reduce the value of your estate, therefore reducing any inheritance tax liability. You should consult a specialist tax adviser for more details on inheritance tax planning. Wills A Will ensures that your property, assets and possessions are distributed according to your wishes. By making a Will you can also express what you intend to happen in the event of your death, your funeral plans and other wishes. Always seek professional help in compiling your Will. As a result of making a Will, estates are normally settled relatively quickly and inexpensively. Trusts can also be set up in a Will to help reduce inheritance tax liabilities further. Lasting Power of Attorney A Lasting Power of Attorney (LPA) allows you to nominate the people you trust to make important decisions about your future, should you ever be unable or unwilling to do so due to physical or mental incapacity. There are two types of LPA, one to cover decisions regarding your property and financial affairs and one to cover your health and personal welfare. You choose who can act for you, and under what circumstances this is permitted. This provides the peace of mind that those who care about you the most are acting in your best interests and will help you to continue to make important decisions. If you proceed with a drawdown lifetime mortgage, both LPAs are considered important because each time you wish to draw down funds, both partners need to give their consent. For single applicants, this is also important so that someone close to you can access funds to act in your best interests

13 Frequently asked questions Will I be able to stay in my house? With any ERC-approved plan, you will be able to stay as long as you wish. It is also possible for you to move home, subject to criteria, because the plan simply moves with you. Will there be monthly repayments to make? Typically no, the equity release provider only receives payment from the final sale proceeds of the property. But some plans let you make monthly interest payments (subject to a minimum), for example, to reduce the cost of the plan in the long-run. Will I receive a cash lump sum or can I withdraw in stages? This depends on your personal requirements and the type of plan you choose. A drawdown plan lets you take money in stages as and when you need it, after taking an initial amount, meaning you pay less interest. Speak to a specialist independent adviser to find out which option best suits you. How much will I receive? This depends on a number of factors such as your age, the value of your property, you and your partner s health and lifestyle, and which plan you decide is the right one for you. What happens if the value of my home drops after I sign up to an equity release plan? The terms of your equity release plan are based on the value of your home when the deal is made, so any subsequent changes to the home s value will not have an effect. As protection, all ERC-approved plans will have a no-negative equity guarantee. Future increases in your home s value may give you an opportunity to release more equity, while a drop in its value may restrict the amount you can borrow in the future. What will happen if my equity release company goes out of business? Your deal will simply be transferred to another company, with no change to terms and conditions. Will it affect the inheritance I leave? Yes, but you can have some control over how much inheritance you want to leave, depending on the type of plan you choose. Choosing a protected plan means you can protect a percentage of your homes value to guarantee an inheritance for your loved ones. Advisers stress the importance of discussing equity release with your family before signing up to a plan. You should also seek expert guidance on making a Will. What happens to my tax bills and the state benefits I receive? Any cash you receive from your property is free of tax, however, there may be an impact on the benefits you are entitled to. Talk to your adviser about your own circumstances, as many advisers have access to specialist software which can calculate exactly how your entitlement would be affected by equity release. As a result of benefit rule changes, it is now easier than ever to release equity with no effect on your entitlement to benefits. What happens if I move into a residential or nursing home? If you have a partner, he or she can remain living in the home without it affecting your means test for longterm care fees. If you are the last surviving partner your home would be sold, and the equity release provider would receive its money from the proceeds. What happens when I die? The house will be sold and the money owing is paid to the equity release company. But the house will not be sold until both you and your partner, if you have one, have died or moved into long-term care. Should I discuss the plans with my family? It is important to involve your family as any plan will reduce the value of inheritance that you can leave. However, most customers find that their families support their decision to take out an equity release plan. A reputable adviser will also be happy for you to have relatives or friends present at any consultation

14 Speak to the experts You ve taken your first steps to discovering financial freedom by requesting this exclusive Express guide, sponsored by Key Retirement. Key are committed to ensuring you have the full story when it comes to unlocking the cash from your home. You can access a wealth of knowledge, experience and expertise by choosing this service. Key are: The UK s number-one independent equity release specialist Committed to offering exclusive deals that are regularly the best on the market Consistent consumer and industry award winners Committed to delivering the highest levels of customer care Dedicated to providing each customer with a personalised, professional service Key s award winning service... This is an equity release plan. To understand the features and risks, ask for a personalised illustration. Searching the entire market to find the best plan for you, including... We ve taken this opportunity to provide you with further services, including Retirement Options, Wills and Lasting Powers of Attorney. Equity release Retirement Options Wills and Lasting Power of Attorney For impartial information call Key Retirement FREE on Lines are open Monday to Thursday 9am-7pm, Friday 9am-5:30pm and Saturday 9am-1pm Could you boost your retirement income? Call free Lines are open Monday to Wednesday 9am-7pm, Thursday to Friday 9am-5:30pm and Saturday 9am-1pm Peace of mind Call free Lines are open Monday to Thursday 9am-7pm, Friday 9am-5:30pm and Saturday 9am-1pm

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