The Best Equity Release Package For You? Some Tips To Secure Your Future

Equity release plans (or 'retirement equity release schemes') are an increasingly hot topic. It's not surprising, given the promise that they give of enhanced spending capacity in later life. But potential customers remain concerned about anything that affects their home like mortgage equity release products do. Alternatives exist, but which equity release plan is right for you, and what are the secrets to finding it? With so much at stake, not least your financial well-being, here are five tips to help:

* Select the right partner - they'll help you find the best equity release scheme * Get a clear personalised illustration * Look for flexible repayment options * Simplify your finances by incorporating an existing mortgage * Look for a retirement equity release plans that simplify future financial planning

Select the best equity release partner

It's essential to get help from a financial advisor who specialises in equity release. Because of the nature of these schemes (also known as 'lifetime retirement mortgages'), they are often only available through specialist advisers. When choosing an adviser on this matter, look both for experience in this field and willingness to consider your circumstances with complete objectivity. Equity release schemes do not come in a one-size-fits-all form. It's vital that all your needs, full circumstances and future plans are carefully taken into account before an appropriate course of action is recommended.

Clear personalised illustrations

As with any financial product, clarity and straight facts are essential as you embark on a major process such as choosing the best equity release scheme for your needs. Insist on a clearly presented personal illustration and an explanation of the scheme in plain English. Ask plenty of questions and be prepared to walk away if the adviser can't answer these to your satisfaction. A reputable adviser will patiently, and painstakingly, talk you through every aspect of lifetime mortgages in general, and specific schemes in particular.

Early repayment options to suit your needs

Look for a scheme offering the early repayment options that you need. Many customers don't want to repay the loan before their death. Equity release programmes like the Halifax Retirement Home Plan, are designed to work this way. But for added flexibility and convenience, look for a scheme that also permits repayment (or transfer to another property) at any time during its life.

Incorporating an existing mortgage can simplify your financial affairs

The best mortgages for pensioners are flexible enough to incorporate an existing mortgage. This can be particularly useful if you are under pressure to repay, or may be put under pressure to repay in the future, an existing mortgage

Constant borrowing makes financial planning easy

Some conventional retirement mortgages involve 'rolling up' the interest on the loan. Not only does the size of the debt increase, but the final liability remains unknown at the outset. On the other hand, a scheme that neither increases nor decreases the amount you borrow makes it straightforward to plan how you will leave the balance of your property's value to loved ones after final repayment.

Choosing the best equity release package involves lots of considerations. But with advice from the right independent advisor and a reputable product (such as one of the Halifax equity release mortgages), you could soon be taking the first step towards the retirement lifestyle you've always wanted.

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