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This is an equity release plan. To understand the features and risks ask for a personalised illustration. Key's typical fee for advice is 1.65% of the amount released, payable only on completion of a plan. Representatives of Let's Talk Mortgages are not authorised by Let's Talk Mortgages to give advice or a personal recommendation in respect of equity release. They act as introducers only to Key Retirement Solutions. Key Retirement Solutions is authorisded and regulated by the Financial Services Authority. Key Retirement Solutions, Harbour House, Portway, Preston, PR2 2PR.

Equity Release Mortgage Schemes

Release the cash tied up in your home for anything.

We have appointed Key Retirement Solutions as a business partner to advise our clients on Equity Release. Key Retirement Solutions are the UKs leading specialists in Equity Release and have won many prestigious awards. There are currently over 40 SHIP approved equity release schemes to choose from, and you can save your estate thousands of pounds if you choose the right one.

They will search the whole equity release market on your behalf and offer award winning independent advice that's tailor made to your individual circumstances. They will guide you through the different types of equity release schemes available to find the best possible SHIP plan for your needs. Figures released by Key Retirement Solutions earlier this year also uncovered the potential scale of pensioner debt, revealing that as much as £183 billion of debt is being held by today's pensioners. The findings also showed that many are utilising equity release to ease the burden of debt in retirement.

Equity Release schemes give older homeowners a way to turn some of the value of their homes into a cash lump sum or regular income. Whether this is for a new car, home improvements, a holiday, to pay off existing debts or simply to improve living standards, Equity Release schemes are designed to unlock the wealth that is tied up in your home.

Equity release products involve borrowing against or selling part of your home. There may be more suitable methods of raising the funds you need. Equity release reduces the value of your estate, and the amount that will go to your beneficiaries on your death.

There are two types of Equity Release Scheme:

Lifetime Mortgages

The first type of scheme for unlocking the cash in your home involves taking out a lifetime mortgage. You borrow a set amount of money against the value of your home in the form of a mortgage. This is normally in the form of one lump sum, although there are now plans available that will allow you to take it out as you need it, which could be advantageous in minimising the amount of interest owed.

You can then spend the money you release as you wish (as long as any outstanding mortgage is settled first). The best way to visualise it is to think of it as a long-term loan, secured against the value of your property, which is paid off when your home is sold. You and your partner continue to live in your home and have no interest to pay at all during your lifetime. Instead, "compound interest" is added or "rolled up" with the loan. The whole debt is then paid off using the proceeds from the sale of the property when the last survivor dies, or moves into a nursing home.

Home Reversion Plans

Home reversion plans involve selling part, or all, of your home to an investment company (called a reversion company) which, in return, will give you a cash lump sum or an income for life and sometimes the option of both. You transfer legal ownership of your property to the home reversion company, while any remaining portion that you have not sold is held in trust. You can remain in your home for the rest of your life rent free (or for a nominal rent, which is often referred to as a 'peppercorn rent').

When you die, if you have sold 100% of your property to the home reversion company, the property will be sold and all of the proceeds will go to them. Otherwise, the value of any portion of your home that you have not sold will pass to your estate. To find out the pros and cons of each scheme and which one is right for you please complete the mortgage enquiry form. Your enquiry will be passed to a fully authorised and registered broker who specialises in Equity Release Mortgages. You will be contacted to arrange a meeting that is convenient. You may wish to have a family member present at the meeting.

Please remember that you will receive impartial advice and that you are not obligated in any way.

This website refers to home reversion plans and lifetime mortgages. To understand the features and risks, ask for a personalised illustration.