Equity release advice

Why is independent equity release advice so important?

By Yours Promotions

Finance

09 February 2009 11:38

Equity release is a grey area for many. There are positives and negatives to be considered when managing the capital locked in your property. Here we look at why it is so important to get independent, impartial advice before committing to a plan.

The Yours Equity Release Service, in partnership with the UK’s leading equity release specialists, Key Retirement Solutions, is offered to homeowners aged over 55-95. As Key is independent, they understand how important it is to seek impartial advice. 

An equity release plan enables you to generate either a tax free cash lump sum or income by using the equity locked up in your home. You typically have no monthly repayments to make, have the freedom to spend the money however you like and you can stay in your home for as long as you choose.

Many people over 55-95 are turning to equity release to free up some of the value in their home as they approach their retirement years. Considering the economic climate and the present state of the housing market, people planning to downsize and move to a smaller property in order to raise retirement capital may now be considering other options such as equity release.

Releasing the equity in your home is an important financial commitment. You must be sure of your decision and your obligations and commitments before you go ahead. Most importantly, you must be positive you have made the right decision to meet your needs, which is why it is so important to seek professional independent advice.

The unique characteristic of an independent adviser is that they are free to advise on the entire market and are not restricted to certain products or lenders. They should research all the available plans and then recommend the most competitive and most suitable plan for you.

A specialist will also be able to explain how releasing equity will reduce the value of your estate and could affect eligibility to benefits. A good adviser will also encourage you to involve your family, even to the extent of inviting them to your meetings as you may find it useful to have their input.

Choosing the wrong adviser and taking the wrong plan could have a detrimental effect and cost your estate thousands of pounds in the future. This is a further reason why it is essential you choose an adviser who provides clear recommendations to guide your decision, rather than offering a range options for you to choose from.  
 

Find out more

Find out for yourself how you could benefit from specialist independent advice by calling 0800 531 6019 and take the first steps to enjoying life with fewer financial worries.

Our typical fee of 1.65% of the amount released is payable only on completion of a plan. This is an equity release plan. To understand the features and risks ask for a personalised illustration.

The content in this article was correct at date published on site.