Are you worried about how you will manage financially during your retirement years?
Will you be able to cope with the rising cost of living, your future care needs and possibly even continuing to provide financial support to
your family?
Equity release may be the answer!
However, getting reliable and safe independent equity release advice
is vital.
What is equity release?
Equity release is a mechanism which allows homeowners over the age of 55, typically retired, a way of safely releasing cash from the value of your home without having to move out of it.
The value of your home, less any mortgage (if applicable) is known as 'equity'. Equity Release is the name given to a range of financial products that convert a proportion of that equity into cash for your own use.
Raising funds by means of an equity release plan could help you improve your lifestyle, as we provide you with the safety and flexibility to choose, a cash lump sum or even an initial lump sum with a useful cash reserve.
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Equity release planning
We are a firm of independent financial advisers who only specialise in equity release planning.
We offer access to all SHIP approved equity release products currently on the market and provide client protection with our Financial Services Authorisation and strict compliance procedures.
Equity Release has evolved into a financial tool for many in retirement. However Equity Release is not suitable for everyone. Careful consideration should be given to the alternatives to Equity Release first. In addition, the value of your estate and therefore any inheritance you leave will be reduced, and people who claim State Benefits can have their entitlement affected by taking out Equity Release. Taking advice from a specialist Equity Release adviser will ensure you make the right decision over whether to proceed with Equity Release.
With our guidance through the various types of equity release plans you can find out if equity release is the right option for you.
Bower Retirement Services offer a full advice and recommendation service for which we will charge a fee, however we offer a free, no obligation initial consultation so that you can find out how much cash you could release and whether a plan would be suitable for you. Our service then includes a detailed suitability report of which you will then be able to read and discuss before proceeding.
Types of equity release
In today's equity release market there are four types of plans that can be found:
Lifetime Mortgages
Drawdown plans
Home reversion plans
Home income plans
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Your safety with equity release
Bower Retirement Services specialises in and only recommends equity release schemes from members of Safe Home Income Plans (SHIP) to ensure your safety. SHIP is a self regulatory trade body dedicated entirely to the protection of equity release plans holders and the promotion of safe equity release plans. Click here to view the SHIP web site. www.ship-ltd.org
Bower Retirement Services is and only recommends companies authorised and regulated by the Financial Services Authority (FSA).
All SHIP approved equity release plans come with a standard set of safety guarantees. All SHIP members adhere to the following code of practice:
To provide a fair, simple and complete presentation of their plans.
To ensure the client’s legal work is performed by the solicitor of his or
her choice.
To state clearly the main cost to the householder's assets and estate.
To provide a 'no negative equity' guarantee i.e. you will never owe more
than the value of your home.
They also guarantee that you will:
Have the right to live in your property for life.
Have the freedom to move to a suitable alternative property without
financial penalties.
Receive either a cash sum or regular income payments.
