Is this form of release safe?
It is fair to say that the equity release market is safer than it has been at any point and the Financial Conduct Authority, the FCA, provides a level of confidence to all participants. Anyone advising on equity releases must be specialists with qualifications in this field. There is further protection provided by the industry body, The Equity Release Council, who came into being in May of 2012. The Council is committed to protecting plan holders and promoting the reliable plans.
The industry, as a whole has welcomed the Code of Practice and some of the most prominent guarantees on offer include: The ability to stay in your home for a lengthy period of time, the freedom to change homes without suffering any financial penalty, the right to avoid negative equity, regardless of what happens in the property market, and the ability to obtain independent legal advice from a solicitor you choose.
Choosing the right provider will also provide you with an added sense of confidence and expertise, ensuring you receive the highest level of support and advice at all times. Working with an independent expert will guarantee that you understand all of the positives and negatives that can arise from an equity release plan. You should also ask yourself, have you obtained enough information to make the most informed decision that will positively impact on your family. If you answer yes to this question, you should be confident that an equity release plan is perfect for your needs.
However, it isn’t an option that is right for everyone, which is why you should speak to an independent advisor who will examine your situation and provide you with the best solution for your needs. If an equity release plan isn’t right for you, we will provide you with an honest appraisal.