Homeowners looking for funding options to help them through retirement are increasingly turning to equity release.
Seeking the best independent financial advice in retirement is vitally important, and the key to knowing if you have located the best equity release specialist is finding out the level of detail they go into with their advice process.
Free initial consultation
A good equity release adviser will start with a no obligation consultation and this will involve working out whether you have enough equity in your property after any secured loans have been paid off.
Home Reversion Plan or Lifetime Mortgage?
There are two main overall types of equity release schemes — home reversion plans and lifetime mortgages — and within those, different types of plans still. Different types of equity release plans have their own advantages and disadvantages and choosing the right one can only be done by a specialist equity release adviser after a thorough investigation into specific circumstances.
Dealing with your questions on Equity Release
Never be afraid to ask your equity release adviser further questions. They are duty bound to make sure you know exactly what you are signing up to if you decide to go ahead with a lifetime mortgage or home reversion plan and a good one will ensure you are made aware of the full range of alternatives.
Involving the Family
A good equity release adviser will welcome the involvement of your family in your equity release decision: steer clear of any that don’t.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668.