The Need for Equity Release
The advice given to consumers mainly comes from intermediaries currently making up 65% of the market with 35% of advice provided by direct sales. (Source SHIP 2008)
There are many different reasons why clients need or want to release equity from their homes and access to quality advice is important to help the consumer make an informed decision and consider whether equity release is right for them.
Consumers have many considerations to make. Among them are:
- Why they need the funds
- Whether equity release is the right way to secure those funds
- Whether it would make more sense to downsize
- What impact equity release may have on their state benefits and tax status
- What impact, if any, it will have on the beneficiaries of their estate
- The type of scheme that will best meet their needs
- The process for releasing those funds.
- What their future needs may be
These are complex questions that require the help of a fully qualified professional.