Equity release is more popular than ever before. The number of customers unlocking tax-free cash from their homes exceeded 23,000 for the first time in a quarter between January and March 2022.
Whether you are already familiar with equity release products or just starting to discover if you could benefit from joining the record numbers of over 55s releasing equity, it's important to get the right information before proceeding.
Read on to find some good places to start when carrying out your research.
If you have an existing financial adviser then having a conversation with them will help to guide your inquiry. They will be able to point you in the direction of specialist equity release information, particularly if you have questions relevant to your personal circumstances.
Alternatively, you may prefer to look online. Most equity release providers will have lots of articles and blog posts that cover a wide range of topics. You may tend to look for general financial information from familiar sources, so if you have a preferred site then see if they offer any information about equity release.
For example, Martin Lewis has an article about equity release on his website, Money Saving Expert. In the article, he answers many common questions about the product in a clear and concise format, from how much equity release costs to how it works.
The Equity Release Council (ERC) is another useful source of equity release information online. They are the voluntary trade body for the equity release industry and provide lots of information about modern equity release products, including details about the various safeguards that come with plans from their approved list of lenders.
Every quarter, the ERC publish a summary of recent market statistics. These reports include the number and type of plans taken out during that quarter, as well as the average amount released.
If you are mostly interested in knowing how much equity you can release, an online calculator is a great place to start. Most will ask you to input your age and property value and then provide an estimate of the amount you could release based on the information you provide.
A calculator can also help you get information over the phone. If you use the calculator on this page, a member of the friendly Responsible Equity Release Information Team will call for an initial chat. They can answer any questions you may have and explain the next steps should you wish to progress your equity release inquiry.
Once you have decided that you want to find out exactly how equity release could work for you, seek the advice of a fully qualified adviser.
At Responsible Equity Release, we can arrange for you to have a free and no-obligation appointment with one of our friendly advisers. You'll be matched with one who is local to you, and they will be on hand to provide information specific to your personal circumstances and plans.
An equity release specialist will also be able to explain that releasing equity will reduce the value of your estate and could affect your entitlement to means-tested benefits. However, they can provide a personal illustration that shows how the cost associated with your chosen plan will build up over time, as well as offer suggestions of features available that may help to mitigate the risks.
To find out more information about equity release from Responsible Equity Release, why not call us today on 0800 048 5384? Alternatively, you can use our free online calculator on this page to see how much you could release.
To find out more about Lifetime Mortgages, and the various features available, why not book a no-obligation appointment with one of our fully qualified advisers? The Information Team can help with this on 0800 048 5384.
“Richard Johnson was my Equity Release advisor, who I can genuinely say, did a thoroughly professional job in keeping me informed, raising the pitfalls, as well as the advantages of the various options, and monitoring the paperwork throughout this process. I do not normally write reviews, unless I feel the service was exceptional.”
“I contacted Mr Kevin Williams to help guide us through the ER process, Kevin was extremely helpful, polite and kept us informed at all times. He was very efficient and keen to answer our questions, how nice to deal with somebody that is not ‘pushy’ or ‘aggressive’, I have the greatest respect for Kevin and should anybody read this review then fear not you will be in safe hands.”