Equity release by key later life can help you guide, Home asset advice, Property finance help

5 Ways Equity Release by Key Later Life Can Help You Live a More Fulfilling Life

14 April 2022

As you get older and are either retired or heading towards retirement, equity release might be an option. Equity release is popular with those seeking a mortgage in their golden years.

One of the UK’s authorities on equity release, Jason Stubbs, believes that equity release by Key Later Life will help make your life more fulfilling.

Equity release by key later life can help you

What’s the Offer from Key Later Life?

Key Later Life offers an equity release scheme as long as the homeowner is over 55 years of age and their property must be valued at £70,000.

A lump sum lifetime mortgage or a drawdown lifetime mortgage are the plans offered by Key Later Life.

Lump-Sum Lifetime Mortgage

Lump sum lifetime mortgages pay out a once-off cash amount which is tax-free. This gives you access to the value locked up in your home.

You can use it to pay off expenses or debts or cover your care costs.

You’ll stay on in your home and retain ownership of your house.

Drawdown Lifetime Mortgage

A drawdown lifetime mortgage allows you to access the capital from your home as an upfront lump sum, tax-free. You can then access further payments of the capital value in the future as and when you need it.

The benefits of a drawdown lifetime mortgage are that you retain your homeownership. You also only pay interest on the portion of capital you have been paid out on, not the total loan value.

The Benefits of a Lifetime Mortgage

A lifetime mortgage offers you the following benefits:

  1. You retain ownership of your home whilst accessing its capital
  2. A no negative equity guarantee will mean you don’t owe more than the value of your home when you pass away
  3. You can settle your lifetime mortgage early if you want to
  4. You get to stay in your own home
  5. Gaining the capital from your home to pay for anything you desire

Equity release lifetime mortgage

What Are the 5 Ways Equity Release Can Change Your Life?

There are a variety of reasons that people turn to equity release to improve their lives.

Everyone has a separate set of circumstances that they will have to cater for, but here are the top 5 reasons that people make use of these plans:

  1. Retiring Early to enjoy more time with loved ones
  2. Consolidating their current debt to unburden themselves
  3. Going on a vacation that they have always wanted to take but could not pay for
  4. Paying for private care that they may need later on in life
  5. Funding their children’s college education

You may have different needs from most; however, equity release can change your life for the better.

Always Get Advice

It is pertinent to remember that you should get professional financial advice from an accredited provider when you take any major decisions related to your finances.

If you don’t have an accredited financial advisor, an equity release provider like Key Later Life, who is part of the equity release council, will either be able to provide one for you or get you into contact with one.

In Summary

If you are looking to improve your life for a variety of reasons that require some capital in your later years, equity release plans from Key Later Life may be a great option to look into.

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