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The amount of equity you have in your home is decided by taking the value of your property and deducting any mortgages or secured loans you have against it.
Equity release enables homeowners to access some of this money from your home, without the need to move house or make any monthly repayments.
The money you release can be paid to you in a one off tax-free lump sum, by ‘drawing down’ amounts as and when you want them, or you can have regular monthly payments made to you.
To release equity from your home you must:
The money you unlock from your home with equity release is yours to spend however you choose. Popular reasons for equity release include:
Some customers ask our advisers about things they have heard about equity release in the past. Today, equity release is one of the most regulated financial products on the market, with a number of guarantees in place to protect your estate. To help put your mind at ease, here are the top 5 common myths about equity release answered:
To find out more about the safety of equity release, read ‘Safety and accountability’.
Equity release is a big financial decision and is usually a lifelong commitment. We always recommend you seek the advice of an independent equity release specialist who can search the entire market for you and is not restricted to a specific panel of providers.
Bower’s specialists are financial advisers with many years between them working in equity release and the financial industry as a whole. Our focus is delivering the very best impartial advice and guidance to our customers, which is why we offer a free, no-obligation home consultation to every one of our customers, regardless of where you live in the UK.
As part of our specialist impartial service, during your home consultation your adviser will explain all the advantages and disadvantages of a plan so you can make a balanced decision. We will make sure you understand, for example, how equity release will reduce the value of your estate and may affect your entitlement to some state benefits. No decisions are made in this initial consultation; it is simply your opportunity to discover the retirement lending options available to you.
Throughout your equity release journey, your dedicated Bower adviser will be able to give you the specialist advice you need to make your decision. There are many options available and we will work to understand your whole financial situation before suggesting the best solution for you, which may or may not include an equity release plan.