If you are thinking about using an equity release plan to tap into your housing wealth and boost your retirement finances, you may be wondering where to begin. It’s a big financial decision with plenty of options to consider, so seeking the advice of a specialist in retirement funding is an essential starting point.
As with most things, knowing your options and what is available to you is vital if you want to get the best deal, but the time and energy required for you to search the entire equity release market would be enormous. If you choose an independent specialist, however, they can do all the hard work for you whilst giving you access to a much wider range of options.
Here we explain how, with our ‘top five reasons to choose an independent adviser.’
Whole of market:
Being independent means your adviser can search the entire market of equity release plans to find the right one for you. They won’t be limited to the plans from one provider, so you can access a much wider variety of options and interest rates. It’s also worth remembering that not all equity release providers will even deal with the public – some can only be accessed via a specialist broker like Bower.
Access to all plans and options:
Not every provider offers the entire range of equity release plans and options. Some don’t offer Enhanced Plans, for example, which enable you to release even more money based on any health or lifestyle conditions you might have. An independent specialist will know which providers offer the type of plans suited to you and can go directly to them to get the best deal.
An independent specialist will explain all the advantages and disadvantages of each type of plan and won’t pressure you into making a decision. Because of their impartiality, an independent specialist in retirement funding will tell you if an equity release plan isn’t actually the best financial option for you right now, and can advise you on some alternatives you may wish to consider.
The Financial Conduct Authority (FCA), the body who regulates all equity release plans, states that should you opt not to take independent financial advice and go on to choose an unsuitable equity release scheme then you will have fewer grounds for complaint; so you’ll have better protection by seeking an impartial adviser.
Access to special offers:
An independent specialist can access money-saving offers and exclusive deals that you couldn’t get if you went directly to the provider. You could save thousands over the life of your plan by using an independent adviser.
As equity release isn’t right for everyone, your independent Bower specialist will explain all the benefits and disadvantages of a plan, including how it may affect your entitlement to some state benefits and reduce the value of your estate. To find out if equity release could be a good financial option for you, contact our friendly team to arrange a free, no-obligation consultation. Call 0800 411 8668 today.
This is a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.