Why you should seek expert advice on Equity ReleasePosted on: 25 February 2020 by Key Equity Release
Understanding that what’s right for some in retirement is not always right for others, highlights the necessity for personal, transparent guidance when you're making decisions about equity release.
If you are considering unlocking cash from your home, it’s important to consider your options and whether equity release is right for you. That’s why it’s important to speak to an equity release adviser about your own personal needs, wishes and wants. Although speaking to an equity release adviser is a Financial Conduct Authority (FCA) regulatory requirement before taking out equity release, it’s also helpful to speak to a qualified expert who will be able to talk to you about all the things to consider in your decision-making process. This can include things like:
Equity Release plans and products
The equity release market has expanded over the last few years, and as such there are many different types of equity release plans to suit a range of needs. From lifetime mortgages to home-reversion plans, your adviser will spend time examining the options that are most suitable for you. A lifetime mortgage is a loan secured against your home.
With so many equity release products on the market, you can be sure that there are features in some products that suit you better than others, depending on your circumstances and needs. For example, if you take out a drawdown plan, you can take out smaller amounts when you need them, paying interest only on the amount you withdrawn.
There are other features such as inheritance or downsizing protection, which allow you to ring-fence some of the equity in your home as a guaranteed inheritance for your loved ones, or downsize and move the plan to your new home.
No negative equity guarantee
With a lifetime mortgage there are typically no monthly repayments as the loan, plus compound interest, is repaid when the plan comes to an end. With interest compounding over many years, you could end up with a debt larger than the value of your property. That’s why it’s important to take out an equity release plan that is provided by an Equity Release Council approved lender. These plans have a no-negative equity guarantee to ensure that you never owe more than your home is worth.
Is equity release right for you?
At Key Equity Release, we believe that your retirement should be just right for you. Key understands that what’s right for some of us in retirement is not always right for others. And that’s why they take a personal, transparent approach to equity release, supporting you every step of the way.
Key Equity Release’s qualified, expert advisers take the time to get to know and understand you and your personal circumstances, searching the product range that has been created from Key’s 20 years’ experience and unique insight gained from helping 1 million people decide if equity release is right for them. Your adviser will make a personalised recommendation that you can be confident will meet your needs. And if equity release isn’t right for you, they’ll tell you.
If you would like to know more, request your free guide here:
All of our equity release advice relates to our range of Key branded products and is completely free of charge. So, you can find out if it’s right for you without it costing you a penny.
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