Equity release schemes can be a really good way of accessing some of the equity, which is essentially trapped within your home, at a time when it is most beneficial for you. There are hundreds of different providers and therefore hundreds of different schemes to choose from.
However whilst there are benefits to an equity release scheme there are also serious repercussions which should be fully understood before entering into any contracts. It is therefore advisable to take independent financial advice from an equity release adviser as to what schemes are available.
The best way to find a provider in your area is to either use an internet search engine, consult the local yellow pages or alternatively ask around your peer group to see if any friends have had experiences, negative or positive, with equity release advisers.
A good adviser will have all the necessary financial qualifications and also experience of the equity release market. As there are so many equity release products on the market it is important to check that your adviser has a breadth of experience with equity release. It is also important that your adviser understands clearly what your needs and desires are. If you wish to leave a sizeable portion of your property’s value as inheritance this may affect how much you are willing to release at this stage and also the type of equity release scheme you require.
Shop around for a good equity release adviser as this is an extremely important decision which will have an effect on your retirement years and beyond. It is therefore not a decision to be taken lightly.