How to Choose the Best Equity Release Companies
When considering your equity release options, it is crucial to seek professional advice from an independent adviser who is a member of the Equity Release Council (ERC). An ERC registered advisor will evaluate your needs before searching for a suitable range of plans from different providers. They will also consider your eligibility and what types of property you can use to fund your scheme.
When choosing the best equity release companies, check that they are a member of the ERC and offer a no negative equity guarantee. This ensures that your family will never owe more than the value of your home when it is sold. You should also find out if they charge application or arrangement fees, and if so how much they are.
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Many consumers are concerned about leaving their family with debt after their death, and a good equity release provider will offer inheritance protection as part of their plan. This feature will protect your estate by only releasing the amount you need to cover interest charges.
There are a variety of reasons for wanting to release the equity in your property, and finding the right plan will be key to your happiness and financial freedom. You should also consider what impact a equity release scheme will have on your taxes, and how it can influence means-tested benefits that you may receive.