How to get the Best Equity Release Scheme

Author: Geoff Charles

One of the most important aspects of finding any financial product is suitability. Whether you are looking for a mortgage, a bank loan or an insurance policy, if what you settle for does not meet your needs or leaves you in a position where you are actually worse off, the product is clearly not suitable for you and this is where problems can arise. This is why getting the right equity release scheme is extremely important for those over 55s who choose to go down this route in retirement.

But how can you be sure that the equity release scheme selected is the right one?

Firstly, you must seek independent advice from an equity release scheme adviser. This will be the first time you will see all the information on how your equity release scheme will work and the amount of money that you could possibly release.

It is also important to only ever use an equity release scheme provider that follows the SHIP code of conduct. This code states that all providers who offer equity release schemes should promise to:

• Allow home owners to remain in their property for life
• Provide home owners with fair, simple and complete presentations of their plans
• Guarantee they will never owe more than the property is worth
• Allow the home owner to choose their own independent solicitor

So you are ever unsure on any aspect of an equity release scheme, talk to an equity release scheme specialist. It is their job to make sure you know as much as possible before you make any decision.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.

Article Source: http://www.articlesbase.com/personal-finance-articles/how-to-get-the-best-equity-release-scheme-3970158.html

About the Author

Bower Retirement Services is an FSA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information e-mail info@brsequity.co.uk or call 0800 4118668. Bower Retirement Services offers a no obligation initial consultation to homeowners considering Equity Release. Find out more by visiting http://www.brsequity.co.uk.