Equity Release Advice
Accessing genuinely helpful advice and recommendations on equity release is not always easy. This is because many service providers and advisers are inherently influenced by the products they sell, and the commissions offered by their affiliates.
It is therefore important to compare information from as many sources as possible, before deciding whether to go ahead. A process that should always include independent financial advice or consultancy with an independent broker, who can be trusted to provide objective information without bias.
What is Equity Release?
Equity release schemes exist to enable homeowners over a certain age to tap into the equity they have tied up in their homes. Equity is calculated by taking the market value of your home and subtracting any outstanding mortgage or secured loans.
Equity release can be both beneficial and potentially life changing for some, though not all homeowners are considered ideal candidates for equity release. This is precisely why the following sources (among others) should be consulted for advice, before committing to any kind of equity release program:
Non-profit websites owned and operated by the government are a good place to start. One of which being the Money Advice Service, where you will find plenty of honest and impartial articles and resources to help guide your decision.
Speaking directly to equity release providers is also useful for getting an idea of the options available and eligibility requirements. As of April 2014, it became a legal requirement for all equity release companies to provide prospective customers with clear and detailed information on the advantages and disadvantages of their products.
It is important to remember however that each provider you consult with will ultimately have the same goal in mind. They are required by law to provide you with accurate information, but they will also be focused on trying to sell you their products.
Independent CeRER qualified Brokers
An independent broker with no direct brand ties or affiliations can be a great port of call when researching equity release schemes. Along with providing objective and impartial advice on the various options available, an independent broker can also carry out a whole of market comparison on your behalf.
This will help ensure that if you do go ahead with an equity release scheme, you get the best possible deal to suit your requirements and your objectives.
Equity Release Calculators
If you are simply looking for a basic overview of how much money you could release and how the whole thing works, an online equity release calculator could be just the thing.
Enter a few basic details including the value of your property and your age to find out how much you could be eligible for.
Call Anytime for an Obligation-Free Consultation
If you would like to discuss the advantages and disadvantages of equity release in more detail, we would be happy to provide you with an obligation-free consultation.
Call anytime for more information or send us an email and we will get back to you as soon as possible.