If you’re looking for Birmingham equity release, our experienced advisers are on hand to help you understand your options and release the equity stored in your home.
Can I release equity in Birmingham?
If you are aged 55+ and own your own home worth £70,000 or more, you could be eligible to release equity from your house in Birmingham.
The amount of equity stored in your home is equal to the value of your home, minus any outstanding mortgages or loans secured against the property.
Our advisers will take into consideration your individual circumstances when discussing equity release plans including your income if you wish to make monthly payments towards your lifetime mortgage.
With each option discussed, our advisers will discuss with you any criteria including age and health, along with how it will impact your estate and any inheritance you may wish to leave for your family.
We encourage you to talk about equity release with your family and involve them in the conversation so they can have their questions answered by our team.
Our specialist advisers will work closely with you and your family to help you understand your options and create a personalised illustration to reflect any equity release recommendations.
The costs associated with releasing equity from your property including the total cost to borrow and adviser fees will also be outlined by our advisers, so you are informed every step of the way.
How can I release equity from my home in Birmingham?
When it comes to equity release, there are two main types of equity release plans, lifetime mortgages and home reversion plans. The money from your equity release will be tax-free and you can choose to receive it in a singular lump sum or smaller, regular amounts.
To start your equity release journey, you’ll need to speak to an equity release adviser who will be able to provide advice based on your personal circumstances and what you wish to accomplish with equity release.
Our advisers offer whole of market advice, allowing them to compare plans from a wide range of lenders.
If you find a plan that matches your requirements, our team will advise you through the application process, answering any questions you might have along the way.
Our equity release advisers are based in and around Birmingham helping you through your equity release journey. Get started with our equity release calculator to see how much equity you could release from your property.
Lifetime mortgages
A lifetime mortgage is a type of equity release plan that involves a mortgage secured against your house that does not require monthly repayments. You will remain homeowners and the loan, in addition to the rolled-up interest, will be repaid to the lender when the last person on the plan passes away or moves into long-term care.
There are different types of lifetime mortgages, so your adviser will discuss if you wish to make monthly repayments or if you wish to pay back the loan when you pass away or move into long-term care.
Whilst taking into consideration your current income and finances, these questions will help our team determine which lifetime mortgage will suit your circumstances.
Home reversion plan
If you decide to release equity with a home reversion plan in Birmingham, you will sell part or all of your home to your lender at a discounted price.
You will be able to remain in the property rent free for the rest of your life, as you will be provided with a lifetime lease from the lender that will guarantee your right to stay in your home.
What can I use equity release for?
If you’re looking to raise some funds through equity release, you might already have in mind how you’re going to spend it.
Whilst there’s no set way to spend the money released from your home, the most popular reasons we see people releasing equity include:
- Making home improvements or making home adaptations
- Paying off debt including an existing mortgage, loans and credit cards
- Bridging the gap from pensions and benefits to allow for a more comfortable retirement
- Paying for assistance in the home including domiciliary social care
- Lifestyle purchases including a new cars
- Helping family members purchase a home or covering costs for university
Our advisers will work with you to understand what lies ahead for your future and how you wish to spend your tax free lump sum.
Speak to your local equity release Birmingham adviser
If you’re looking for Birmingham equity release, our advisers can offer no obligation face-to-face appointments to discuss your options including a lifetime mortgage or home reversion plan, so if you decide you no longer wish to continue, that’s no problem.
Get started today using our equity release calculator.
Equity Release Council Members
As members of the Equity Release Council, we follow the principles set out by the council and ensure each equity release scheme we recommend will adhere to their product standards. These standards include a no negative equity guarantee, the right to remain in your property for life, and the right to make penalty free payments, subject to lending criteria.
Learn more about our experience with the Equity Release Council.
Equity release in and around Birmingham
Our equity release specialist in Birmingham also covers the surrounding areas so you can get personal, face-to-face advice from the comfort of your own home.
Offering honest, whole of market advice you can trust, our team will work closely with you to explore your options, including lifetime mortgages and home reversion plans, whilst explaining the impact this will have every step of the way.
Equity release in Wolverhampton
Just north west of Birmingham, Wolverhampton features historical sites with modern conveniences. Our equity release specialists in and around Wolverhampton are available for face-to-face appointments to help you through the equity release process and help you find the right option for you.
Equity release in Dudley
If you’re thinking about releasing equity in Dudley, our specialist team are available to offer tailored advice to help match you to the best product for your circumstances.
Not only will our advisers discuss any impacts this may have on your estate and future, they will offer honest advice if equity release is not the best solution for you.
Equity release in Solihull
If you’re looking for equity release in Solihull, our equity release advisers are on hand to provide no obligation, whole of market advice. This means they can compare plans from a range of lenders across the market.
Equity release Walsall
If you’re looking to release equity from your home in Walsall or near Birmingham, our specialist advisers are here to help you through your equity release journey.
We’ll help you understand the impact releasing equity may have on any inheritance you wish to leave for your family, or if you claim a means-tested benefit, how this may be impacted.
Start your equity release journey in Birmingham
If you are age 55+ and own your own home worth £70,000+ you could be eligible for equity release.
Our equity release advisers in and around Birmingham offer no obligation advice throughout the equity release process, whilst explaining the impact equity release schemes may have on any benefits or your estate.
See how much equity you could release from your home using our free online equity release calculator.
At Bower, we will understand your unique circumstances and advise you to ensure you are receiving the best plan to meet your objectives. There are plans that allow you to make voluntary repayments and move home, subject to lender criteria. However, early repayment charges may apply in certain circumstances.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will reduce the value of your estate and your entitlement to means-tested benefits now or in the future, and impact long-term care funding.
Bower Home Finance provides independent, impartial whole of market advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,695 be payable.
If you are considering equity release, we strongly recommend that you read our equity release page carefully and talk to one of our specialists before deciding if you wish to proceed.
To find out more about any of the products and the service we provide, please call us on freephone 0800 411 8668, request a call back, email us, or join our live chat you’ll find on our website.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.
