Equity Release Protection – Why You Should Use an Independent Equity Release Adviser
When considering whether or not you should release equity from your home, there are a few essential things to remember. Most importantly, always seek independent financial advice from an experienced independent advisor or mortgage broker who specializes in equity release.
An independent adviser will only suggest schemes that they believe are in your best interests. Furthermore, they’re regulated by the FCA so you can rest assured knowing they’re giving sound advice based on facts.
Your adviser will assess all of your options, including equity release, and help you decide if it’s the best solution for you. They may also consider other solutions like downsizing or remortgaging, as well as go over all available products on the market.
They’ll ensure the equity release plan you select is secure for you and meets the Equity Release Council‘s Rules & Standards. The ERC are a non-profit organisation representing all firms involved in equity release, such as lenders, qualified financial advisers and solicitors.
Equity release providers are extremely rare to repossess your property under these plans. That is because they must give you notice before doing so, and it would only occur in exceptional cases.
A qualified adviser can explain the potential risks and rewards of equity release, helping you decide if it’s the best plan for you. They may also estimate how much money could be released from your home without affecting inheritance rights.
On the Equity Release Council’s website, you can find a list of independent equity release advisers. Each has received specialist qualification and must meet their strict regulations, so you can be certain they are providing impartial advice.
They can estimate how long the application process will take and provide detailed information regarding valuations, legal advice and set-up fees. They’ll go over these in great detail so you make an informed decision for your particular situation, plus answer any queries along the way.
Another thing to look out for is their complaints procedure, which should be easy to comprehend and follow. If you’re not satisfied with the response they provide you with, you have the option of filing a complaint with either the Financial Conduct Authority (FCA) or Legal Ombudsman.
Your adviser should also be able to give you an estimate of the costs associated with taking out an equity release plan, including any legal, valuation and set up fees. Be sure to review this carefully so that you are clear on everything included in the price tag for the product. https://www.youtube.com/embed/Of570HPOz1E