Equity Release Top Tips & Support
Maybe you’ve got your sights set on a luxurious trip around the world, perhaps it’s a shiny new kitchen, a way to support the family or quite simply a comfortable retirement with a few of life’s luxuries. Well, whatever your reason for considering Equity Release, and finding yourself here reading our blog (welcome!), it’s important that you are armed with as much information as possible before you take the first step.
So, in the spirit of being as helpful as we can, always our intent and way of working, we have put together a few top tips and considerations that will be useful to you in your equity release journey and help to inform your decision making.
Of course if you have any questions or would like to find out more please give our friendly team a call on 0800 6126755 or click here for plenty more information.
Check your eligibility
This might seem obvious and is probably something you are very well aware of but, as we talk to many people who are not, we thought this was worth sharing.
To be eligible you need to be:
- Over 55
- A UK homeowner
- Own a home worth over £70,000
Calculate your potential funds
The next step is to use a equity release calculator like ours to gain an idea of how much cash you could release. It’s simple to use, requires no commitment on your part and asks for minimal information, so your calculation will be with you in a few clicks. It really is that easy!
Involve your family
Involving family members is always a very personal decision and isn’t right for everybody. However 75% of advisers agree that including close family in discussions and meetings can be hugely beneficial and that such inclusion increases their understanding of the whole process. Our advisers encourage their clients to bring family members along to meetings and appreciate and respect their input. Of course, if you would prefer to include a trusted friend or feel perfectly happy without, the decision is always yours.
Consider other options
Releasing equity is all about freeing up cash later in life. And, as with most things, there is always more than one way to go about something. Which is why our Advisers will encourage you to look at all the options available to you. They will make sure that Equity Release is the best, most financially appropriate and flexible route for you.
Options to consider include:
- Moving and downsizing
- Financial help from your family
- Available benefits
- Other investments/routes to borrowing/savings
Work out how much you need and when you need it
Having a clear idea on your current spending, detailing exactly what you need the money for and when you need the funds will help your Adviser to scour the market and source the very best plan for you. Whether you want the money all at once or if it would suit you better to release funds as you need them there are options out there to suit you.
If you are concerned about being able to leave an inheritance for your loved ones, there are options available that can help. Certain Equity Release plans allow you to protect a portion of your home’s future value, ensuring that you are able to leave something behind for your family. So, you can enjoy the extra income you need for your retirement and still have the peace of mind that your loved ones will be provided for.
Consider your benefits
It’s worth pointing out that Equity Release can affect your means-tested benefits. However as long as you are aware of this and share all details with your Adviser, they will advise you on all the ins and outs and help to find the plan with the least impact on your existing benefits.
Advice from a company that cares
Hopefully this little article is a helpful starting point and gives you an idea of a few of the most important things to consider. Maybe you’ve even clicked through to our equity release calculator and have an idea of the amount you may be able to release.
Of course the most important thing is to make sure that you get the very best advice, from people you trust. Here at the Right Equity Release we pride ourselves on combining knowledge and expertise with the very best level of customer service. We always say that equity release is what we do and relationships are how we do it.
“This company care, their personnel are so professional and courteous. They make it all so easy and with no pressure at all. Pleasure to deal with.” Angela Harry
Here at The Right Equity Release we’re like one big family; our head office team, our advisers and our customers. So, if you’d like more of an insight into how Equity Release could be of benefit to you, we’d be glad to help. For a no obligation chat with an independent equity release expert, please give us a call on 0800 612 6755.
Thanks for reading, we look forward to hearing from you.
The Right Equity Release; big enough to deliver, small enough to care.