Choosing The Right Equity Release Broker
There are many equity release brokers out there, offering a whole array of different plans between them. Most equity release brokers deal in lifetime mortgages or home reversion plans, and a few equity release brokers can offer both types of plan. Whether you're searching for a lifetime mortgage or a retirement plan, it's important to pick the right broker as this is a lifelong commitment and you want to get it right.
Choose A Broker That Offers Clear Fair Advice
Equity release brokers must make sure that the information and advice they provide is clear, fair and, most importantly, not misleading. In addition to this, the pros and cons of equity release plans should be equally stated. Also if there's a fee for arranging your equity release plan, the actual or typical fee should be quoted from the outset.
The best equity release brokers should be able to research the whole market to find the most appropriate plan for you because there are many available and that is the only way you can be sure you're getting the best deal for your individual needs.
The equity release trade body SHIP (Safe Home Income Plans) ensures its members adhere to its code of practice. Set up to represent the leading providers of equity release, SHIP ensures that its members give fair and easy-to-understand advice all the time as well as providing you with a no negative equity guarantee on your plan. Not all equity release providers are members of SHIP (membership is voluntary) but those who aren't member still provide a similar code of practices and guarantee. For a list of SHIP members and their contact details visit their website.
Check For Memberships and Registrations
In addition, check to see whether equity release brokers are regulated by the FSA (Financial Services Authority), which governs how equity release brokers conduct their business to make sure you get a fair deal.
Equity release won't suit everyone, which is why equity release brokers normally offer a free, no-obligation recommendation, giving you the chance to make an informed decision. It's advisable to involve your family in the decision making process as releasing cash from the home will affect the amount that you will be able to leave them when you die. Taking out equity release may also affect your tax position and entitlement to state benefits.
The most important thing you should do when choosing an equity release broker is to ensure you do not go for the first one that you talk to. Develop a good professional relationship with several companies to ensure that they give you the best possibly deal. Compare and contrast several different companies to ensure you get the equity release broker that is right for you. Finding the right equity broker can be extremely difficult; which makes it even more important that you don't just settle for the first one that you meet. The best thing to do is literally shop around, develop a short list and then choose the right one for you.
About the Author
When the time comes to retire one of the first things that comes into your mind is, So just how am I going to manage financially? This worry blights the years when you should be able to rest and have some well deserved time to spend doing what you want to do. Equity Release could be the answer and Graham Baylis has been working with a firm with a different view on the matter, see http://www.berkleyvittoria.co.uk
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