Retirement Mortgages: 7 Essential Things to Know in 2024
Key Takeaways…
- Retirement mortgages let retirees above 55 with full or nearly full home ownership, income, and assessed property borrow against their home’s value, living in it all the while.
- The pros include unlocking your home’s equity, enjoying possibly lower rates, and choosing how you repay, while the cons are watching for negative equity risks and growing debt from compound interest.
- Equity release is an option that can be used to clear the mortgage, turning it into a repayable loan upon home sale or your passing.
In the UK, retirement mortgages work by allowing older homeowners to borrow against their property’s value, and with the ever-increasing cost of living affecting everyone, retirement mortgages are gaining momentum for mature people on a fixed income.
As of 2021, the estimated life expectancy for males in the UK is 79.4 years, and for females, it is 83.1 years.1
Given these facts, mortgages for later life, like retirement mortgages, are becoming a very attractive option simply because people are outliving their pension savings and need to access another source of income to improve the quality of their lives.
In This Article, You Will Discover:
The EveryInvestor team of writers has put together this compendium of information on retirement mortgages to keep you well-informed.
Read on…
What Is a Retirement Mortgage and Who Is It Best For in the UK?
A retirement mortgage in the UK is a loan for older homeowners, best suited for those seeking to access equity or purchase a new property while balancing income and repayments in their retirement years.
What Defines a Retirement Mortgage in the UK?
A retirement mortgage in the UK can be best defined as a financial product category that allows older people to access the equity in their homes without having to sell or move out.
Now more than ever, rising house prices, longer-term mortgages, and increasing living costs mean that people are carrying debt well into their 70s.
This explains the burgeoning popularity of the later-life lending market, which was valued at £153.9 bln in 20222 and is expected to continue growing.
Another contributing factor is that we are living longer, healthier lives and opting to work beyond the conventional retirement age.
Another interesting trend…
The barriers of entry for first-time homebuyers means the ‘Bank of Mum and Dad’ is playing a more significant role.
Parents, and even grandparents, are releasing equity to help their offspring onto the property ladder.
It is predicted that the retirement lending market’s evolution will likely persist over the next year and beyond as more mortgage lenders adapt to the shifting retirement landscape and broader mortgage market dynamics.
Which retirement Mortgage Is Best for Those Over 55 in the UK?
The best retirement mortgage for those over-55s in the UK is generally considered to be a lifetime mortgage, as this type allows you to borrow a portion of your house’s value whilst maintaining ownership.
It is a particularly appealing option as the loan, plus interest is not repaid until you pass away or move into long-term care, providing financial flexibility; however, every individual’s circumstances are unique.
For those seeking lower interest rates and who can afford regular repayments, Retirement Interest-Only (RIO) mortgages may be a more suitable option. These types of mortgages require only interest payments until your property is sold.
Always remember to seek professional advice to choose the mortgage that best suits your retirement needs and financial circumstances.
What Are the Options for Mortgages for Individuals Over 55?
For individuals over 55, mortgage options include retirement interest-only mortgages, lifetime mortgages, and equity release schemes; all tailored to offer financial flexibility and support homeownership or access to equity in later life.
These mortgage types are part of equity release schemes where repayment is not required until you sell your home, pass away, or enter long-term care.
Each option has its own criteria and benefits, and is designed to offer financial flexibility without the burden of traditional mortgage repayments.
How Does a Lifetime Mortgage Function for Retirees?
A lifetime mortgage functions for retirees by allowing them to borrow against their home’s value without monthly repayments, with the loan and interest repaid from the estate upon the homeowner’s death or move into long-term care.
The best part?
The homeowners can continue to live in their homes for as long as they wish or until they move into long-term care.
According to a survey, lifetime mortgages have seen a surge in interest from younger age groups, with a 10% increase in lifetime mortgage customers aged 55-64 between 2019 and 2021.4
This trend highlights that equity release is no longer just a financial solution for the elderly. Still, it is becoming an attractive option for those approaching retirement.
In the wake of the pandemic and the cost-of-life crisis, there has been a shift in what people are using equity release for.
In 2022, there was a jump in the amount of equity used for critical issues such as repaying debt, with almost 60% (£3.78bln) used from 54% the previous year, the same survey reported.
What Is a Home Reversion Plan in Retirement Planning?
In retirement planning, a home reversion plan involves selling a portion or all of your home to a provider in exchange for a lump sum or regular payments, while retaining the right to live there rent-free.
In reality, home reversion plans are less preferred, representing a very small percentage of the equity release market.5
The reason is that there are far more flexible product options on the market where the homeowner retains autonomy over their property.
With a home reversion plan, homeowners sell a portion or all of their property to the lender, although they retain the right to remain living in their home as non-rent paying tenants until they pass away or go into care.
How Does a Retirement Interest-Only Mortgage Work?
A retirement interest-only mortgage works by allowing retirees to pay monthly interest without reducing the principal, with the loan typically being open-ended and repaid from the property’s sale upon the borrower’s death or move into long-term care.
Although relatively new, the retirement interest-only mortgage market has seen significant growth since its introduction in 2018.
This growth indicates that more and more retirees are exploring RIO mortgages as a viable option to access their home equity while maintaining monthly repayments.
However, it is important to note that making monthly interest payments may not be suitable for everyone, especially those with limited income during retirement.
How Do Interest-Only Mortgages Work for Those Over 55?
Interest-only mortgages for those over 55 work by requiring monthly interest payments without reducing the principal, offering lower outgoings with the loan repaid from the property’s sale at a later date.
This arrangement continues until the end of the mortgage term, at which point the loan amount is usually repaid through the sale of the property, making it a practical solution for managing finances in retirement.
How Are Retirement Mortgages Structured and What Types Are Available?
Retirement mortgages are structured to support income in later life, with types including retirement interest-only mortgages and lifetime mortgages, each offering different terms to meet the financial needs and circumstances of older homeowners.
How Are Retirement Mortgages Structured and Administered?
Retirement mortgages are structured to provide flexible repayment options tailored to retirees, administered with consideration of the borrower’s age, income, and property value to ensure financial security and meet the agreement’s terms and conditions.
What Are the Different Types of Retirement Mortgages Available?
Different types of retirement mortgages available include retirement interest-only mortgages, lifetime mortgages, and equity release schemes.
Equity release (lifetime mortgages and home reversion plans) has been around for decades, while RIOs are a fairly new product.
There is no doubt that, given the potential of this market for lenders, more and more innovative plans will come to market.
In fact, in a 2022 advisor survey, 38% of the respondents said there needed to be more mortgage options made available for the 55+, 36% felt that ER needs to be more flexible, and 14% felt that there needs to be more RIOs.3
What Are the Eligibility Criteria for a Retirement Mortgage?
The eligibility criteria for retirement interest-only mortgages consider your age, property value, property type, and income. These criteria differ from those of lifetime mortgages and home reversion plans.
Here is a general overview
Age
- Lifetime mortgage: Must be at least 55 years old
- Home reversion plan: Generally 60-65, depending on the lender
- RIO: Must be at least 556
Property value
- Lifetime mortgage and home reversion plan: Minimum value threshold of £70,000
- RIO: Loans are capped at 50-55%7 of the property value, although some lenders will go higher.
Property type
- Lifetime mortgage and home reversion plan: Must be your primary residence and conform to the lender’s criteria of property type and condition.
- RIO: Must meet lender’s criteria on type and condition.
Existing mortgage
- Lifetime mortgage and home reversion plan: Any existing mortgage or secured loan on the property must be repaid either before or upon completion of the equity release.
- RIO: Any existing mortgage on the property will typically need to be repaid with the proceeds from the RIO mortgage.
Income
- Lifetime mortgage and home reversion plan: No proof of income is needed, as there is no repayment obligation during the life of the plan.
- RIO: Borrowers have to demonstrate that they have enough income to cover the monthly repayment.
Please note that these are general guidelines, and specific criteria may vary among retirement mortgage providers.
What Does the Application Process for a Retirement Mortgage Involve?
The application process for a retirement mortgage involves assessing financial circumstances, property valuation, and meeting specific lender criteria, ensuring borrowers can manage the loan alongside their retirement income and needs.
Each type of retirement mortgage—lifetime mortgages, home reversion plans, and retirement interest-only (RIO) mortgages—may vary depending on the provider.
However, the fundamentals are the same across all products.
Research and consultation
Research providers, their products, and interest rates.
Consult with a financial advisor to discuss your options and understand the implications of a retirement mortgage.
Initial application
Complete an application with the help of your financial advisor or directly through the provider, providing personal and property details and information on your financial situation.
Property valuation
The provider will arrange for an independent valuation of your property to determine it’s market value and the amount you can borrow.
Offer
If your application is approved, you will receive a mortgage offer outlining the loan terms, interest rates, and fees.
Legal process
A solicitor will review the mortgage offer, ensure all legal aspects are in order, and handle the necessary documentation.
Completion
Once all paperwork is completed and signed, the funds will be released to your solicitor, who will then transfer them to you or use them to repay any existing mortgage.
What Should Retirees Know About Applying for a Mortgage in Retirement?
Retirees applying for a mortgage should know about age limits, income assessment, property criteria, and the loan’s impact on their retirement finances, ensuring they choose a product that suits their long-term needs and lifestyle.
The key is to demonstrate that you can comfortably manage the interest payments.
Additionally, be prepared for a potentially more rigorous application process, with lenders seeking assurance that the loan can be serviced throughout your retirement years.
What Are the Loan Amounts and Repayment Terms for Retirement Mortgages?
Loan amounts and repayment terms for each type of retirement mortgage—lifetime mortgages, home reversion plans, and RIO mortgages—can vary depending on the provider and individual circumstances.
Loan amounts
- Lifetime mortgages: Loan-to-value (LTV) ratios can range from 20% to 60% or more.
- Home reversion plan: The amount you receive is typically lower than the market value of the sold portion, as the provider assumes the risk of property value fluctuations.
- RIO: Typically 50-55% of the value of the property, but some lenders will go higher.
Repayment terms
- Lifetime mortgage: Capital and interest will be paid out of the proceeds of the property upon passing away or going into care. The balance will go into your estate.
- Home reversion: The property is sold upon passing away or going into care and the proceeds are split according to the shareholding.
- RIO: Monthly interest repayments are mandatory.
Please note that these are general guidelines, and specific loan amounts and repayment terms may vary among providers depending on specific borrower circumstances.
What Are the Key Benefits and Drawbacks of Choosing a Retirement Mortgage?
Key benefits of choosing a retirement mortgage include flexible income use and property retention; drawbacks involve potential interest accumulation and impact on inheritance.
What Benefits Do Retirement Mortgages Offer?
The benefits offered by retirement mortgages include the financial freedom they offer in your later years, such as providing a regular income stream through the option to access equity and not having to downsize.
Can Retirement Mortgages Provide a Regular Income Stream?
Yes, retirement mortgages can provide a regular income stream by releasing equity from the home in manageable amounts, offering financial flexibility and support to retirees seeking additional funds alongside their pension or savings.
This can be particularly helpful if your pension income may not be sufficient to maintain your desired lifestyle or cover unexpected expenses.
By tapping into the equity of their property, you can supplement your income and create a more stable financial future.
Sadly, one in six pensioners in the UK live in poverty8, so retirement mortgages can serve as a valuable tool to help mitigate financial stress and improve your quality of life.
How Do Retirement Mortgages Compare to Equity Release Schemes?
Retirement mortgages and equity release schemes differ mainly in repayment methods and eligibility criteria, offering varied financial solutions for retirees to access home equity while considering their income, inheritance plans, and long-term needs.
Retirement mortgages typically require regular interest payments, thus affecting your monthly budget, whereas equity release schemes, like lifetime mortgages, do not require monthly repayments, as the loan and interest are repaid when your home is eventually sold.
The choice between them depends on your financial situation, whether you prefer to maintain regular payments or want a loan that does not impact your monthly finances.
How Do Retirement Mortgages Allow Access to Home Equity?
Retirement mortgages allow access to home equity by offering loans based on property value and income, providing retirees with funds without needing to sell their home.
For instance, you can choose to receive a lump sum, access smaller amounts as needed, or even a combination of both.
This flexibility allows you to tailor your equity release to address specific financial goals, such as debt consolidation, home improvements, or funding long-term care.
One in four retired homeowners (28%) cited having accessed their property wealth through a means other than equity release, for example, remortgaging, downsizing or taking out retirement interest-only mortgages.9
This trend underscores the increasing popularity of retirement mortgages as a viable solution for accessing home equity in later life.
Can Retirement Mortgages Eliminate the Need to Downsize?
Yes, retirement mortgages can eliminate the need to downsize by allowing retirees to access home equity for financial needs, enabling them to stay in their current homes.
This allows retirees to continue living in their family homes and maintain the emotional connections and social networks they have built over the years.
A compelling fact is that a survey showed that 62% of homeowners aged 55 and over, expressed a strong desire to remain in their current homes.10
Retirement mortgages can help these individuals achieve that goal while tapping into their property’s value to address financial needs.
How Can Retirement Mortgages Protect Inheritance?
Retirement mortgages can protect inheritance by allowing precise control over equity release, ensuring a portion of the property’s value is preserved for heirs.
These options allow borrowers to safeguard a percentage of their property’s value to be passed on to their loved ones, providing a balance between accessing the required funds and preserving a portion of the estate for inheritance.
An interesting insight is that the growing demand for inheritance protection has led to increasing equity release providers offering these features, reflecting the importance many retirees place on preserving wealth for future generations.
What Drawbacks Are Associated With Retirement Mortgages?
The drawbacks associated with retirement mortgages include that they can reduce the inheritance you leave behind, could have an impact on benefits and interest, and, in rare cases, could subject you to negative equity.
Retirement mortgages may not be the best option in your circumstances for financing your retirement.
Drawbacks in more detail…
How May Retirement Mortgages Reduce Inheritance?
Retirement mortgages may reduce inheritance by accruing interest over time, which can decrease the equity left in the property for heirs.
This can be particularly concerning for those who wish to leave a substantial legacy to their loved ones.
According to the Office for Budget Responsibility, inheritance tax receipts are projected to reach £7.2bln by 2023-24.11
This illustrates the importance many families place on passing down wealth to future generations, and the potential impact of retirement mortgages on inheritance should be carefully considered.
Is Negative Equity a Potential Risk With Retirement Mortgages?
Yes, negative equity is a potential risk with retirement mortgages if property values fall, leading to the loan amount exceeding the home’s market value.
Negative equity occurs when the outstanding mortgage balance exceeds the property’s value, which could result in beneficiaries inheriting debt rather than an asset.
The Equity Release Council’s No Negative Equity Guarantee helps mitigate this risk for lifetime mortgages, ensuring that borrowers will never owe more than the property’s value upon sale.
However, not all retirement mortgage products may include such protections, so thoroughly understanding any chosen product’s terms and potential risks is essential.
How Does Interest Accumulate on Retirement Mortgages?
Interest on retirement mortgages accumulates over time, either being added to the loan balance or paid monthly, impacting the total amount repayable, and for lifetime mortgages, interest accumulation can be a significant drawback.
As interest compounds over time, the overall debt can grow substantially, especially if borrowers choose not to make any repayments during the loan term.
This can result in a larger portion of the property’s value being consumed by the mortgage, leaving less for beneficiaries or other financial goals.
Most lenders allow their clients to make voluntary interest payments to manage accrued interest.
In fact, the Equity Release Council introduced an additional safeguard in March 202212, allowing new equity release customers to make no-obligation, voluntary repayments on their plans.
Can Retirement Mortgages Affect State Benefits?
Yes, retirement mortgages can affect state benefits, potentially reducing eligibility for means-tested support by increasing an individual’s accessible financial resources.
By releasing equity from their homes, retirees may inadvertently increase their assets or income, which could affect their eligibility for certain benefits, such as Pension Credits or Council Tax Reductions.
As these benefits can provide crucial financial support for retirees, it is essential to carefully assess the potential impact of retirement mortgages on benefit eligibility before proceeding.
What Makes a Retirement Mortgage Different From a Regular Mortgage?
A retirement mortgage differs from a regular mortgage in several key aspects, primarily related to the target demographic, repayment terms, and eligibility criteria.
Retirement mortgages are specifically designed for older borrowers, usually aged 55 or 60 and above, who are approaching retirement or are already retired.
Regular mortgages cater to a broader age range, typically starting from 18 years old.
With regular mortgages, borrowers make monthly payments to repay the principal and interest over a fixed term, usually between 15 to 30 years.
In contrast, retirement mortgages offer different repayment structures.
With equity release products, repayment is only when the borrower passes away or goes into long-term care, although with a lifetime mortgage, you have the option to make voluntary repayments.
Borrowers of RIO mortgages make monthly interest payments but do not repay the principal until they pass away or move into long-term care.
The outstanding loan balance is then repaid, usually through the sale of the property.
What Should You Consider Before Opting for a Retirement Mortgage?
Before opting for a retirement mortgage, consider your long-term financial stability, potential impact on inheritance, and alternatives for income in retirement.
What Are the Best Practices for Borrowing With a Retirement Mortgage?
Best practices for borrowing with a retirement mortgage include seeking independent advice, carefully considering affordability, and understanding the long-term impact on finances and inheritance.
It is important to borrow only what you need and understand the loan’s terms, especially the interest rates and repayment structure.
Consulting with a financial advisor is highly recommended to ensure that taking out a retirement mortgage aligns with your overall retirement planning and does not adversely affect your financial security or lifestyle in your later years.
What Considerations Are Important Before Opting for a Retirement Mortgage?
Before opting for a retirement mortgage, important considerations include assessing long-term affordability, the impact on inheritance, and potential effects on state benefits.
What Are the Age Limitations for Retirement Mortgages?
The age limitations for retirement mortgages typically start at 55 or 60, varying by lender and product, to cater to the financial needs of older homeowners.
Some products may have a maximum age cap.
Also, be wary of taking out a mortgage with accrued interest too soon, because if you live for another 30 or 40 years, the accumulated interest will be substantial.
What Interest Rates and Fees Are Expected With Retirement Mortgages?
Interest rates and fees with retirement mortgages vary, including application fees and potentially higher rates due to the increased risk associated with older borrowers.
Rates can vary significantly between providers and products, with some offering fixed rates while others have variable rates.
Additionally, there may be setup fees, valuation fees, and early repayment charges to consider.
Shopping around and comparing different offers is essential to ensure you get the best deal possible.
Remember that even a small difference in interest rates can significantly impact the total cost of the loan over time.
How Do Property Value and Equity Affect Retirement Mortgages?
Property value and equity significantly affect retirement mortgages, determining borrowing capacity and influencing the loan terms and interest rates offered to retirees.
The more equity you have, the larger the potential loan or income stream you can access.
However, remember that tapping into this equity will reduce the amount left for inheritance or other financial goals.
In areas with higher property values, homeowners may have more flexibility in choosing retirement mortgage products that suit their needs, while still preserving a portion of their equity.
Why Is Inheritance and Legacy Planning Important When Considering Retirement Mortgages?
Inheritance and legacy planning are crucial when considering retirement mortgages to ensure that financial decisions do not adversely affect heirs’ future inheritance.
Some products offer features like inheritance protection, allowing you to preserve a percentage of your property’s value for your beneficiaries.
It is worth noting that more providers are incorporating these features due to the growing importance that retirees place on leaving a legacy for their loved ones.
Why Should You Consult a Financial Planner About Retirement Mortgages?
Consulting a financial planner about retirement mortgages is vital for understanding their impact on your financial health and ensuring decisions align with your long-term goals.
These professionals can help you navigate the complexities of retirement mortgages, assess your financial situation, and determine the most suitable product for your unique circumstances.
It is worth noting that people who receive financial advice are generally better off in retirement compared to those who do not.13
Engaging with a financial planner can be a valuable investment in securing your financial future.
Can Lifetime Mortgages Influence Your Eligibility for Benefits?
Yes, lifetime mortgages can influence your eligibility for benefits, as the released equity may affect means-tested support from the state.
Some key points to consider…
How Do Retirement Mortgages Affect Means-Tested Benefits?
Retirement mortgages can affect means-tested benefits by increasing available assets, potentially impacting eligibility for certain state supports.
The loan amount and interest accrual may be considered part of your income or capital when calculating your entitlement to these benefits.
As a result, your benefits may be reduced or even withdrawn entirely.
The limits for Pension Credit and Council Tax Reduction also vary depending on several factors, including your income, savings, and household circumstances.
For Pension Credit, the standard minimum guarantee for a single person is £177.10 per week, and for a couple, it is £270.30 per week.14
The maximum savings credit amount is £14.04 per week for a single person and £15.71 per week for a couple.
For Council Tax Reduction, the amount you receive depends on your local authority and its specific rules.
However, in general, Council Tax Reduction is calculated based on your income, savings, and household circumstances, and the maximum amount you can receive is up to 100% of your Council Tax liability.
Both Pension Credit and Council Tax Reduction are means-tested benefits, which means that any additional income, including the loan amount and interest accrual from a lifetime mortgage, may be considered when calculating your entitlement.
If your income or savings exceed certain limits, your entitlement to these benefits may be reduced or even withdrawn entirely.
It is important to discuss your benefits entitlement and the potential impact of a lifetime mortgage on your benefits with a financial adviser or benefits specialist to ensure you make an informed decision.
Are Non-Means-Tested Benefits Impacted by Retirement Mortgages?
Non-means-tested benefits are generally not impacted by retirement mortgages, as these are awarded based on criteria other than income or assets.
Are There Benefit Caps to Consider With Retirement Mortgages?
With retirement mortgages, considering benefit caps is essential, as they can limit the amount of state support available, affecting overall financial planning.
If a lifetime mortgage increases your income or capital, you may be more likely to reach the benefit cap.
What Benefits Remain Protected With a Retirement Mortgage?
Benefits that remain protected with a retirement mortgage typically include non-means-tested allowances, ensuring certain aspects of financial support are unaffected.
A lifetime mortgage is unlikely to affect your eligibility for these benefits.
Discussing the potential implications of a lifetime mortgage on your benefits with a financial adviser or a benefits specialist is crucial.
They can help you understand your entitlement, assess the potential impact of the mortgage on your benefits, and explore alternative options to achieve your financial goals.
What Occurs With a Retirement Mortgage Upon the Borrower’s Death?
Upon the borrower’s death, a retirement mortgage is usually repaid from the estate’s sale of the property, potentially impacting inheritance.
How Is a Lifetime Mortgage Settled After the Borrower’s Death?
After the borrower’s death, a lifetime mortgage is settled by repaying the loan and accruing interest from the sale of the property or other estate assets.
Any remaining equity from the sale will be distributed to your beneficiaries according to your will or intestacy rules. Some lifetime mortgages offer an inheritance protection option, which allows you to safeguard a portion of your property’s value for your beneficiaries.
What Happens to a RIO Mortgage After the Borrower Passes Away?
After the borrower passes away, a RIO mortgage is typically repaid from the estate through the sale of the property – similar to a lifetime mortgage.
Your beneficiaries will receive the remaining equity after the loan is settled.
How Are Home Reversion Plans Concluded Upon Death?
Home reversion plans are concluded upon death by transferring the sold property portion to the provider, as per the agreement, and the proceeds are divided between the provider and your beneficiaries according to the ownership shares.
For example, if you sold 40% of your property to the provider, they would receive 40% of the sale proceeds, and your beneficiaries would receive the remaining 60%.
Discussing your retirement mortgage plans with your family and beneficiaries is essential, so they know the implications and the process that will follow your passing.
Additionally, consulting with a financial advisor can help ensure you select a retirement mortgage product that aligns with your estate planning and inheritance goals.
Key Questions Answered About Retirement Mortgages
What Ensues If Death Occurs Before Full Repayment of a Retirement Mortgage?
Is Obtaining a Retirement Mortgage Possible With an Existing Mortgage?
How Are Retirement Mortgages Taxed?
What Is the Typical Age for Retirement Mortgage Applicants in the UK?
What Loan Amounts Are Available Through Retirement Mortgages?
Is Early Repayment of a Retirement Mortgage Feasible Without Penalties?
Can I Sell or Move Homes After Securing a Retirement Mortgage?
Why Should Retirement Mortgages Be Considered?
How Do Retirement Mortgages Compare to Other Retirement Investments?
How Is a Retirement Mortgage Defined in the UK?
What Criteria Must Be Met to Qualify for a Retirement Mortgage?
What Advantages Do Retirement Mortgages Offer?
What Risks Are Associated With Retirement Mortgages?
Is It Possible to Use Equity Release to Settle a Retirement Mortgage?
Final Insights on Considering Retirement Mortgages in the UK
Retirement mortgages, such as lifetime mortgages, retirement interest-only mortgages, and home reversion plans, can be valuable financial tools for those seeking to supplement their income, access home equity, or fund home improvements during their retirement years.
In considering how a retirement mortgage can help you, it is crucial to understand the potential drawbacks, including reduced inheritance, interest accumulation, and possible impact on benefits, before committing to a retirement mortgage.
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