When you begin searching for an equity release plan that will suit your needs, it is important that you also look for the right provider to make your financial dreams a reality. Given the importance of this decision, it’s a very good idea to do some shopping around. Don’t worry about offending somebody by taking time to decide your financial future. Rushing your decision might make somebody else happy but you might not make the best possible choice as a result. Look for certain specific criteria before doing business with an equity release provider.
The first point to look for is a provide that offers a plan that will suit your needs and make your interests a priority. Of course, every provider will get something out of the deal. It’s all part of doing business. However, you should not suffer to plump up their bank account. Both parties concerned should come out on top.
Independent financial advisers are your best bet. Their independence means that they have no official ties to financial institutes. This means that they can provide you with ample information and advice on a variety of plans without making you feel pressured or forced into a certain decision.
Regardless of the provider you choose, you need to make sure that they include a “no negative equity guarantee” in the agreement. This policy ensures your financial protection. As time progresses, this policy will ensure that you will never owe more than the value of your home – no matter how much time passes. This means that your family won’t be burdened by any debt upon your passing. Similarly, you won’t be financially crippled if you need to be relocated to a long-term care facility.
When you sit down for a meeting with any adviser, and you notice that it feels like they are trying desperately to talk you into something – run! You should feel in control of the conversation, and they should be following your lead – not the other way around. Those who bombard you with an endless supply of facts and figures could possibly be trying to hide something. This is what makes it so essential that you prepare a list of questions before you enter your meeting and make sure that they answer each and every one of your questions clearly. They should be more than understanding when you tell them that you need time to think and discuss the matter with your family. If they seem disappointed or in a hurry, you might be better off with a different professional on your side.