Equity release is becoming more commonplace at least as far as the retirees are concerned. People who are closing in on their retirements or have already retired, find equity release schemes extremely attractive and they are surely well within their rights to use these equity release schemes as well. Several sites and equity release companies offer help, but you must first consider the advice you receive. Contact EquityReleaseHome.com as a means of finding out more details about products available in this retirement market.
Using equity release schemes sensibly, you can easily get a serious flow of readily available tax-free cash via lump sum payments by drawing it from the bricks & mortar in the house or flat that you own. There are a number of equity release schemes available and it remains a good option to contact EquityRelaseHome or any other such company who are qualified to provide equity release information & advice. Additionally, they will have access to exclusive equity release deals and offers that most general IFA’s won’t.
Using a Company Regulated by the FCA
Whilst these equity release schemes do seem to be attractive, a lot of people believe that they are deceptive schemes which only go on to deny your children or beneficiaries of your house or your property in exchange for lofty promises. This is surely not the case. The equity release industry is regulated by the FCA which is an organization that has been formed to keep these schemes in check. So, there is no point in doubting the release schemes as scams, in fact they have come a long way to being regulated & accepted as a mainstream mortgage product for the over 55’s.
Secondly, a lot of people are also dubious about equity release scheme advisers and whether they are agents of the equity release scheme providers or not. Here as well it remains important that you understand that none of the financial advisers who rise to such a rank offer anything but sound advice. However, always ensure you receive a business card & other compliant documentation from the company they represent. The company themselves can be found on The FSA Register, where their details can be checked in full against those provided.
The reason behind this is the fact that since the industry of equity release is regulated by FCA, these equity release brokers and financial advisors are also checked by FCA. Any person who provides poor advice can take the adviser to FCA and get him an appropriate recompense. Thus, no person in his right mind would give you wrong advice for fear of falling fowl of the FCA & having their equity release license removed.
As far as the question of capability is concerned, it is important to understand that the advisers go through a rigorous training regime and are made to take tests and exams by the CII and IFS before they can take up their jobs. Thus, the question about their capability and knowledge should not be questioned as long as they are renewed annually & regular CPD is maintained to keep upto date with the equity release market around them. Thus, it remains a good option that you trust your adviser and trust the equity release scheme providers and you make your choice on the basis of what you want to achieve through the equity release scheme!
Due Diligence in Your Research
The major problem with any financial product is a lack of research. The Internet is a plethora of information, but not all sites offer the same quality. There are certain things you can look for on a website including the ones suggested here. You can look to see if they display any awards, FCA regulation statements or any registration certification. Legitimate sites and advisers are proud to display such certificates as a means of helping you feel relaxed. You can also go to various “big brother” websites to ascertain if any negative comments have been made about the company, adviser, or other issues. The BBB or Better Business Bureau is just one place that will take complaints and it can be used in the UK especially online. You can also view the FCA online site to see if there is any issue that has appeared in their complaint section.
Product Understanding Goes a Long Way
Due diligence about advisers and companies is just one way to begin looking for products you can trust. You also have the means of researching the actual equity release schemes. What is one site saying versus another? It can be time consuming and most sites are setup so you can compare and shop without wasting time. However, if you are concerned about the schemes or advice you might receive it can pay to check another site.
Learn about the four main types of equity release schemes called lifetime mortgages and also learn more about home reversion. In this way you are armed with data and can use an adviser to help you cull through the jargon to the actual contracted truths. You will also learn what to look for such as inheritance guarantees, no negative equity guarantees, and other clauses designed to protect you against something you do not want to happen.
Contact EquityReleaseHome on 0800 678 5159 who can put you in touch with a qualified UK equity release adviser.
A few months ago, my wife and I were advised to consider an equity release scheme. We were having some financial difficulties after our retirement. We did not know much about equity release until we found Under MY Roof Magazine. We now know all there is to know about equity release schemes. 