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What are the alternatives to equity release?

There are a number of alternatives, including downsizing to a smaller property or moving to a less expensive area, using savings, borrowing in the form of a loan or asking a relative or friend. These are some of the alternatives to equity release: Savings, investments or other assets that could be drawn on Downsizing your …

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How much equity can I release?  

This depends on the value of your property and your age.  In certain circumstances, your health is also taken into account as it may allow you to release more equity.   …

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What safeguards does the Equity Release Council offer?

The Equity Release Council Standards Board makes sure that all lenders and advisers adhere to a strict code of conduct that includes a number of safeguards for customers. Members of the ERC can guarantee that their customer’s products and services conform to the best practices of the sector, ensuring they are fully informed and continually …

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Are there different types of equity release?

There are four different types of regulated equity release, each of which will be fully explained to you during your free, no-obligation consultation with your local Bower specialist. The four different types of regulated equity release plans are: Lump-sum lifetime mortgages Lifetime mortgage with flexible ‘drawdown’ cash release Interest-only lifetime mortgages Home reversion plans A …

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How to release equity and how to use it?

The money you release with an equity release plan is yours to spend in absolutely any way you like. We’ve seen customers use their money in lots of different ways, but the most popular ones are: Making home and garden improvements Paying off an existing mortgage Help with day-to-day living costs Enjoying dream holidays and …

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Am I eligible for equity release?

If you’re 55 or over (youngest age if a couple) and own your own home in the UK, then you could be eligible for an equity release plan. If you are taking out an equity release plan jointly (whether you are married, in a civil partnership or cohabiting) then you must both be 55 or …

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