OF COURSE, DEPENDING ON YOUR CIRCUMSTANCES, YOU MAY HAVE A NUMBER OF OPTIONS AVAILABLE TO YOU

For example, you could have other savings or assets to draw on.

If not, your home may be the only source of wealth that you could use to boost your retirement income.

To get the most value out of your home, you could always move to a cheaper property and pocket the difference.
But, if you're a homeowner over 55, there is a way to release the money tied up in your home which has the flexibility to help you throughout your retirement.

Equity release plans allow homeowners to release the value in their home, without having to move or make monthly repayments.

Lifetime mortgages are currently the most popular type of equity release plan.

KEY BENEFITS

• You always own your own home during the life of a lifetime mortgage
  
  
• There are no monthly repayments
  
  
• Choose to take your cash as one lump sum or in instalments, depending on the product you choose and subject to lending criteria
  
  
• A 'no negative equity guarantee' is offered by some providers. This may mean that you or your heirs won't owe more than the value of your home
  
  
• The interest rate on each loan amount is normally fixed for the life of the plan when you release your money (basedon current interest rate at the time of borrowing)
  
  
• You're able to borrow a percentage of the value of your property (dependant on age, the provider and product option chosen)
  
  
• Lifetime mortgages allow you to release cash from your home as one lump sum, or as and when you need it, rather than having to take all the money in one go.

The full loan is repaid on death or when you move into permanent long-term care. You should therefore bear in mind that this means you will have less to leave to your family from the sale of your home, and in some cases possibly nothing. It may also affect your ability to move or sell your home in the future. There are exceptional circumstances when the facility for further withdrawals may be removed, depending upon the provider and product chosen. A lifetime mortgage may affect your tax position and eligibility for means-tested benefits. You will be obliged to keep the property in good repair.

This is a lifetime mortgage. To understand the features and risks, see the IERAA Clients Charter and contact your nearest adviser to ask for a personalised illustration.