Your First Steps into Equity Release
I have been around the Equity Release market for over 25 years. I arranged them, researched them, written reports on them and even dealt with complaints about them. I don’t think I have known a product that polarises opinion as much as Equity Release.
For the people that absolutely said they would never get involved with one, most haven’t – but some have gone into the research and have concluded that it is, after all, a good idea for them. I have also dealt with people that couldn’t wait to reach a certain birthday because that would increase the amount they can take. For them, mostly, it has been a good experience, but again I can recall on several occasions, walking away from the situation because in my opinion it would have been a terrible idea.
More than any other product, Equity Release is a plan that is suitable for individual circumstances. Just because you may know someone who has got one, it has absolutely no bearing on whether it would be good for you. In order to find out whether it is going to be a good idea for you, or your parents or grandparents I would suggest taking these steps:
Take a thorough and honest review of your current situation.
This should include all your financial circumstances – assets, income, debts…the whole kit & kaboodle!
- Ask yourself why you want the money!
It may seem an obvious question, but it needs asking. Be certain why you want the money, be honest about whether it will be enough or not to achieve your goal. Ask yourself how you are going to feel once you’ve spent it. Don’t put yourself in the position of saying “well…was that it?”
Talk to a qualified and experienced adviser
This is crucial. A true professional in this area will talk to you at length about what is good for you. Ask them about their experience and qualifications. ask about professional trade bodies. Taking an equity release plan is most likely to be the last major financial decision you make and the consequences effect not only you but your wider family. A good adviser will not let you proceed unless they are satisfied you have considered everything that is (or should be!) important to you.
This blog is not in any way meant to persuade you for or against taking an Equity Release plan. The purpose, as with everything on the site, is to make you think about the questions you need to ask in order to make the right decisions for you and your family. Over the next few blog posts, I plan to write about what questions you need to ask, to yourself, your family and to professionals working in the Equity Release market
I hope you will pop back and read them as they are published, if you would like to be the first to know when they are, then just sign up to the newsletter!
Next: Equity Release Explained
If you have any questions about Equity Release, contact Dennis direct by completing the form below.