The Importance of Finding the Best Equity Release Advisers

When it comes to deciding on an equity release scheme, it is important to speak with a professional & independent lifetime mortgage adviser. This form of financial adviser should offer a free initial meeting and independent equity release advice to help you choose the best equity release scheme for your personal needs. In order to find an equity release financial adviser, go to the Equity Release Council Find an Adviser website to obtain more information on how to contact of the top equity release advisory firms in the UK.

When you contact your equity release adviser, his or her job is to give independent & impartial equity release advice. The better financial advisers will ask you a series of questions to gain an understanding of your current situation in order to draw up a snapshot of your financial makeup. Gathering this data is called Fact-finding and ascertains both the hard & soft facts in relation to a customer’s feeling & attributes. This will help make the selection & decision making the process easier for the adviser. Additionally, all these details will be kept on file for many years & will act as a record of how & why your final advice was arrived at. 

You may have seen & read up on all of the equity release industries schemes, plans & products and have an idea of which plan that you want. However, following this appraisal for one reason or another due to age, property type or personal circumstances, the plan you choose particular plan may not be right one for you. That is when the experience of a lifetime mortgage adviser comes into play. He or she will let you know if you would benefit from that particular equity release scheme, & if not right advise why not.

The financial adviser will tell you the pros and cons of each equity release scheme. For example, if you are interested in a home reversion plan, the financial adviser is going to help you select the right company to do business with from the likes of Bridgewater, New Life Mortgages or Crown Equity Release. The experienced adviser may base their choice on customer servicing, completion times, application type e.g. Lasting Power of Attorney case or matrimonial settlement can both affect which provider is suitable for you. If the company has been successful in helping customers, the financial adviser will know based on what has been reported & experience which is more fundamental to the cause.


Benefits of Experienced Equity Release Advisers

Instead of having to search for the best equity release schemes all by yourself, the work can be done for you. All you will have to do is select between the ones that the financial adviser recommends based on the amount & features & benefits you require. By completing this exercise the equity release adviser would have aligned your requirements with the plans terms & conditions. Following acceptance of the advisers recommendations all that is left is to complete the provider application, have your house surveyed, complete the legal process and then wait to receive your tax-free cash lump sum.

This is where the experience of a qualified equity release adviser is truly beneficial. You can’t buy experience they say, however with equity releases you can find an adviser & pay duly for this experience for sure! Experience can work in several ways, from referring you via an ERSA (Equity Release Solicitors Alliance) solicitor who they themselves will transact many equity release applications daily. Resolving issues quickly & effectively can help alleviate the homeowners of much stress & importantly time. But, most of all they will maintain contact throughout the 6-8 week & keep you updated at every stage of the process.


Understanding Equity Release before Finding Help

In general the information in this article is designed to be helpful in finding a trustworthy independent financial adviser; however, you should not lose sight an important part of finding the right help. This is to ensure you are getting someone who is knowledgeable about the products you intend on using.

If you are unaware of the basics and you seek help you could learn later that the information was ill-informed or it served the person giving it. While using a trustworthy website helps narrow down this potential issue, it still helps to learn about the products you are going to be discussing.

1. Lump sum lifetime mortgages are offered in fixed repayment or interest compounding styles meaning that in one you have a fixed repayment where the interest was already calculated and in the other the interest rate is an APR that adds up each year. In either situation you repay the loan at the end of your life, when you move out and sell the home, or when you move to long term care. If you want to buy a new home the loan can move with you depending on the loan company.

2. Drawdown equity release options allow you to set up an equity account where you take a small initial lump sum and then draw on the account as needed. Interest only adds on to the balance you use rather than the full funding available, which keeps the loan amount lower than the usual lump sum and the possibility for more inheritance.

3. Interest servicing products are often the best since the principle balance never changes, however you do need to pay interest each month thus you need the funds to afford the payment. Other interest servicing plans can even reduce the mortgage balance such as the Aviva Lifestyle Flexi or Hodge Flexible Lifetime Mortgage.

4. Enhanced lifetime equity release is specialised for individuals with health problems that have a projected life expectancy that is much less than the average retiree. An quality lifetime mortgage adviser will know about these schemes having conducted a thorough Fact-find previously. 

When you are considering borrowing money in order to help you enhance your retirement & have the available funds to carry out your planned expenditures, seek help from an experienced equity release adviser. This adviser knows more about the equity release market than you do having spent considerable time being trained & authorised, so he or she can steer you in the right direction. 

There is no need to worry about how much it will cost to get this quality of independent equity release advice. Some of the deals that the best equity release advisers at companies like Equity Release Supermarket can get are usually attributed to advisers that excel in their field & can include free valuations and cashback which all help alleviate the initial set up costs. This way the costs of employing the services of a superior adviser should hopefully be offset by the best equity release deals around. 

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