Equity Release in Birmingham
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Equity Release in Birmingham
If you live in Birmingham, an equity release may be highly beneficial if you are property rich and cash poor. A suitable policy can be used to provide customers with a cash sum, or a source of income that can be used to enhance customer’s pension payments.
These agreements are generally intended to be used by retirees who have paid off their mortgage, as they will allow policy holders to remain in their homes for as long as they wish until after they have passed on.
The money that is received can be spent on a variety of different things, from a one off holiday or expensive item, to covering the cost of household or utility bills.
These loans essentially allow customers to access the equity they have locked away in their property, however it should be remembered that these agreements may have one or two drawbacks depending on the circumstances.
An equity release is after all, a lifetime commitment that should not be entered into lightly. As such, the following factors should be carefully considered:
- Equity release schemes often come with relatively high ‘early release penalties’ (ERCs) for customers who wish to cancel them
- Entering in to an equity release scheme will typically lower the value of an inheritance if the policy holder has any relatives to leave this to. The cost of repaying the loan will be taken out of their estate after they have passed out
- The money that is received may not reflect the current market value of the property
- Customers will also typically be subject to arrangement fees, as well as other charges to cover the cost of valuing the property.
We work with independent equity release specialist Key Advice who provide:
Equity Release Service
- Borrowing options from age 55 to 99
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- Interest only options
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- One short form to complete
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.
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