How to Find Equity Release Advice

Equity release can be a good way to generate an income and take advantage of one of your most valuable assets—your home. Before you consider this option, you need to find equity-release advice to ensure you make the right decision.

What is Equity Release?

If you are over 55 and you own your own home, equity release can be a fantastic way to take advantage of your property, especially if you’ve put a lot of effort into acquiring your home fully, through paying the mortgage for many years. It's time to have your home pay some of this effort back.

There are two options available: the lifetime mortgage scheme and the home reversion scheme. Both schemes allow you to release some of the equity (cash) tied in, either as a lump sum or as an additional regular income to your pension. You can read more about these here.

Although equity release is a useful way to provide you with financial security, it might not be the right option in all circumstances. Find specific information regarding your individual situation to ensure you make the right choice and find the best deal.

 

Take Advantage of Government Websites

If you want to find general advice to help you understand your rights better, an official government website is a good place to start. The Money Advice Service has plenty of information regarding private equity.

In addition to articles on the subject, you can also have a chat during normal office hours or call the impartial advice number for more information. These resources are great for understanding the basics and for acquiring information on how you need to protect yourself and your home.

Be sure to read the advice and informative articles throughout our equity release section as well.

 

Ask Providers

One of the best ways to start getting any additional information you need, especially related to your individual circumstances, is to contact equity release scheme providers and ask for advice. Since April 2014, each supplier is required by law to provide you detailed information to ensure you understand the process.

Make sure you talk to different suppliers. Always ensure the person or company you're dealing with is FCA registered to guarantee you receive correct, qualified and professional advice.

Keep in mind advisers for equity release scheme suppliers are usually trying to sell you their product. Try to talk to at least two different suppliers before your final decision. This ensures you fully understand the different options out there.

 

Use Equity Release Calculators

Before you start talking with providers, utilise equity release calculators. These may be able to provide you with enough information to see if equity release is something worth seeking out in your situation.

Whether you're curious as to how much you can release, or you want to take the initial steps towards releasing equity, our handy calculator will give you the information you require.

You can also contact us on 0800 029 1233 to discuss your needs with a view to arranging a no obligation face-to-face home visit with one of our financial advisers.

The Flexible Lifetime Mortgage is by leading insurer Aviva and is only available through qualified financial advisers such as those working with the Reader’s Digest Equity Release Service.

*(Equity Release Council Lending Figures Q3 2010 – Q3 2015)

Reader's Digest Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205. In using this website I give express consent to Responsible Life Limited to contact me on the details provided from time to time. Calls may be recorded for training and quality purposes. This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a personalised illustration. Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.