The most important element to a solid home equity conversion process is choosing a financial adviser who is independent. With so many plans on the marketplace from different lenders, it is important to be able to make an educated comparison.
The schemes carry subtle differences which can add up to huge savings if you choose one that suits your personal circumstances. If you are looking to a plan for short-term finance, then you may want a plan that carries with it flexibility to make early repayments without charges. If you want to turn the plan into a regular cash cow, you might look towards a drawdown plan. If you wanted to preserve your equity, a plan with lower interest rates would be key.
All of these considerations need to be taken into account and the different lenders specialise in different areas. It is a case of prioritising your needs to make sure the important are catered for the best by the equity release plan.
Here at Responsible, we are independent and have a National team of IFAs ready to help you choose the right plan for you.
Give us a call for a free telephone consultation to find out which route is for you on 0800 012 4181.