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Where to Turn for Professional Equity Release Advice

Compare Equity Release

Last updated on 27 June 2023

For many people considering equity release, the prospect can be a little daunting. With so many different products and services, it can be very important to ensure that you have secured the best possible professional equity release advice. While there are a great number of brokers to choose from, it need not be overwhelming to find a specialist offering good quality equity release advice.

How to find Professional Equity Release Advice

There are a great many brokers advertising locally and online. However, in order find a provider of quality professional equity release advice, it would be best to take the time to conduct a little research.

• Referrals: This is probably one of the best ways to secure a good advisor. Ask family and friends who may have used this type of service, if they have any recommendations. This will provide an insight into how professional and beneficial the broker’s service is. Your family member or friend will provide an honest opinion about the level of service they received and the satisfaction they have had with their services.
• Recommendations: There are a great many websites and forums which offer impartial advice on a number of financial matters. It is worth doing a little research on your potential broker to ensure that they offer a good service. However, you should be aware that the reviews and recommendations are based on one person’s personal experience, so it can provide a very limited picture.
• Equity Release Council: This is a trade body which was established to protect consumers in the equity release industry. They have a detailed website which provides a list of qualified advisors locally and nationwide.

Considerations for Choosing Professional Equity Release Advice

When looking for quality and competent advice, there are a number of considerations you should assess before choosing professional equity release advice. These include:

• Is the advisor independent? Independent advisors are not tied to one particular company or product range. This means that they have access to a greater number of financial products which can offer a greater potential for finding the product best suited to your specific circumstances.
• Do they have the relevant qualifications? In order to provide advice in the equity release industry, brokers must have the relevant qualifications for lifetime mortgages or home reversion schemes. Reputable and professional advisors will prominently display their certification and qualifications on their stationery and advertisements.
• Do they have experience in the field? Although some brokers have the accreditation to advise in the equity release industry, they may not specialise in the field and have little to no actual experience. This may mean that they are unaware of the latest deals and lack familiarity with the variety of providers which offer the best deals for particular circumstances. Your ideal advisor should have testimonials from past clients and case studies which document how they have provided great advice to people in similar circumstances to yourself.

What to Expect

Professional advisors will complete a client fact-find which will gather all the relevant information about your current situation and research tools which allow the advisor to gather the data on any relevant product within the equity release market. They should have a good knowledge of the market and be able to fully explain the advantages and disadvantages of any particular product. They will provide written information on the details of the provider’s product or services, which will allow you the opportunity to read through at your leisure.

As with any financial product, it is important that you fully understand the charges which may be applicable and any limitations or restrictions which apply. If you are unsure about any aspect of the equity release product, confirm the details with your advisor before finalising your application. Reputable providers of professional equity release advice are always willing to revisit any detail of your application to ensure you are happy and confident to proceed.