Is My Home at Risk?
This, above any other question, is pretty much the the first to be asked and the one that reflects the biggest concern. Historically, Equity Release plans gained a poor reputation, and rightly so, as they offered poor value and lacked appropriate safeguards. Modern Equity Release plans are regulated by the Financial Conduct Authority (FCA) for the products themselves, the product providers, and those people that give advice and arrange the products.
A cornerstone of the rules is that as an Equity Release plan holder you retain the right to live in the house until either your death or you move permanently into Long Term Care.
Video courtesy of Dennis Perry at The Right Equity Release.
It is likely that your first steps into finding out about Equity Release will be an initial discussion with a professional adviser. Virtually the first piece of paper they will give you will include information about how you are safeguarded in your own home. Subsequent paperwork from a proposed provider will also state the same thing and your solicitor will also advise you of the same safeguards.
Although there are good reasons for not taking an Equity Release plan, lack of consumer protection is not one of them!
If you have any questions about Equity Release, contact Dennis direct by completing the form below.