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On why finding a good equity release consultant is a must

Wednesday, June 22nd, 2011

The amount of equity you own is the term used to describe the value of a home less any mortgage or secured pending on it. Equity release allows you to free up this money tied up within your home.

The equity release process will allow you to receive a tax free, lump sum of capital allowing you to spend it in whatever way that you choose.

An obvious disadvantage is that you will not be able to hand down all of your property to your offspring. Nevertheless, you do get to live out the remainder of your life in your home, rent free or till you move into elderly care.

If you are considering an equity release scheme, the best way to get started would be to approach an expert. Some organisations which provide equity release schemes also provide a free consultation, so remember to take advantage of their services. Some research of the advisor would be of benefit as they must be regulated by the FSA (Financial Services Authority) & have an individual registration number with them. The equity release adviser should therefore be found on the FSA website register.

Ensure they are independent, which means they are free to deal with ANY equity release provider in the market. So ask. Some companies purport to be whole of market, however upon closer analysis they only deal with a handful of companies. You may therefore be missing out on a beneficial feature of an equity release scheme that they do not have available. This could save you £1000′s in the long run & could prove costly if the wrong equity release plan was chosen.

Your advisor will let you in on all the vital details regarding the procedure. This will be after the equity release adviser has collated all the necessary facts regarding one’s current situation. Guarded with this information, & any soft facts provided such as ‘how important is that you leave part or all of your property to your beneficiaries?’ will be asked. Also income & whether you are in receipt of means tested benefits is important as this will reflect on which equity release schemes are advised upon. The equity release consultant can then document & record this stage of the lifetime mortgage process.

Once an accurate financial picture has been ascertained & observed the clients objectives, the equity release adviser can then discuss the mortgage options available. These would include an explanation of the various schemes available to suit. Included in this would be roll-up equity release schemes, home reversion plans & interest only lifetime mortgages such as the Halifax Retirement Home Plan or the Stonehaven Interest Select.

You do not have to give them an instant decision; after all, going for an equity release scheme is a big decision and something which should not be rushed into.

Upon presentation of the equity release advisers recommendations a Key Facts Illustration must be offered to you. This would include a summary of the scheme in principle, costs & charges, future balance & the commission payable by the lifetime mortgage providers. This is quite a comprehensive overview of the scheme & covers the finer details, as well as the main features, such as the no negative equity guarantee & early repayment charges etc.

Once you have made your decision, all you have to do is simply call your advisor and give them the go ahead. They will have all your paperwork taken care of, contact your solicitor and keep you updated about everything, right to the time that you get your money released.

A professional & courteous adviser will confirm the funds have been released & offer any after care service in the future; for example when additional funds are required such as on a drawdown equity release scheme.

As a company Equity Release Supermarket keep contact with its clients to advise on new products & interest rates in the future as it is important to keep abreast of the market as & when more competitive products become available.

Independent & award winning equity release specialist Equity Release Supermarket offer all the above benefits & quality of service that the testimonials at the bottom of the home page illustrate.

To discuss your options in the release of equity from your property call freephone 0800 678 5159 today or alternatively complete our contact form & one of our advisers will be in touch

Tags: drawdown equity release, equity release, Equity Release Adviser, equity release schemes, equity release solicitor, home reversion, independent, Independent equity release advice, interest only mortgage, lifetime mortgages, No negative equity guarantee
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Three easy steps to gain funds from equity release schemes

Thursday, October 7th, 2010

To be over 55 and retired can often mean it is difficult to meet daily living costs. If you are facing this kind of an issue, there is no doubt that you will be looking for a way to increase your income. The good news is that you can do this easily by making use of equity release schemes. With equity release schemes, you can gain a tax-free additional regular income or lump sum from the value of your home in three easy steps.

Qualification – The first step to getting this additional income is to know whether or not you qualify for equity release schemes. The criteria begins with a minimum age of 55 and the owner of the house to qualify. The property must be your main residence & mainly of standard construction.

Your home should also be worth over £70,000 & although a mortgage can exist on the property, this must be repaid with the equity release proceeds to complete the process.

Income is not an issue as equity release schemes require no monthly repayments. Existance of adverse credit can be acceptable to certain equity release lenders, whom have a more relaxed approach than conventional mortgage schemes. Therefore, always discuss your situation with a qualified equity release adviser who should always be independent.

Consultation – Once you know whether or not you qualify for equity release schemes, it is important that you consult a professional before going ahead with the process. Doing so will help you understand if the process is ideal for you as equity release schemes do not suit all homeowners. Equity Release Supermarket can source the most appropriate scheme having access to ALL lifetime mortgages available in the marketplace. They will take stock of your current situation, establish your requirements & discuss your options available. Only then will a recommendation be made which will meet your objectives.

Documentation – Should the equity release recommendation be acceptable to you, then the next steps can be explained to clarify the forthcoming events. Primarily, the equity release adviser will complete an application form which begins the equity release process. This form will depend on the plan you have chosen. Once submitted to the equity release provider, they will then start the administrative process; one of these first steps is by instructing the valuation. In most cases, the valuer will be sent to the property to ensure it meets the criteria and to ascertain its value.This forms the basis of the amount the lender will make & set out the terms of the equity release offer.

In the meantime, the solictors will have been instructed who can start the legal process by sending a property questionnaire & obtaining client authority to act on their behalf.

Once the solicitors have received their copy of the clients equity release offer, it will also include the mortgage deed & associated documents the client will need to sign. Upon meeting all the legal requirements on benhalf of the client & lender then the solicitors can request the equity release funds. This would normally be receivedapproximately 6-8 weeks sicnce application.

A summary of the equity release application process can be seen by clicking here.

For assistance with, or to answer any questions on the equity release process, contact the Equity Release Supermarket team on 0800 783 9652.

Tags: equity release, equity release application, equity release schemes, equity release solicitor, Independent equity release adviser
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Common questions asked about equity release

Friday, August 13th, 2010

There is no doubt historically, that buying property long term has been a profitable investment.

This phenomenon is now becoming of great assistance to people nearing retirement and needing an additional source of income to help live comfortably. Older homeowners now have the option to free up money from their home to gain a steady income. This can be done though equity release schemes which enable homeowners to release accumulated equity in their property.

Why would people want equity release?

The main reason to opt for this process is to free up money in a property. This money can be used to accomplish a number of purposes. While some homeowners prefer to use the money on daily expenses to make their lives better, others use it for taking holidays or to buy personal items they want or need. Regardless of the need, equity release calculators can help analyse & work out how you can achieve this quickly and easily.

Is it an ideal option?

Equity release can be an ideal way for retired people to get a certain percentage of income from their properties. However, the convenience of this option differs from person to person. While some people prefer to get regular payments from their homes without moving out, there are others who would want use their property to get a large tax free lump sum.

Do I need legal advice?

This is one of the most common questions people ask themselves when asking about equity release. Although it sounds like a fairly simple process, it is best to have a professional overseeing the process. This will ensure the scheme is suitable and beneficial for you. One of the aspects the solictor must undertake to comfirm he/she is satisfied the client understands the contract they are entering into, is the signing of the SHIP certificate.

This confirms the solicitor has discussed the equity release scheme with the client, & is happy, that they are happy, with the process & legal implications of taking out equity release form the property.

Equity Release Supermarket can recommend a solicitor who is a member of ERSA. This is an alliance formed between a group of established law firms &specialise within the field of equity release. These solicitors aim to promote the importance of specialist equity release legal advice within the equity release marketplace.

To find a solicitor who can act on your behalf contact the Equity Release Supermarket team on 0800 678 5159.

Tags: equity release, equity release legal advice, equity release schemes, equity release solicitor, equity release solicitors, ERSA, SHIP
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An equity release scheme – The perfect way to enjoy your retirement

Monday, August 9th, 2010

Equity release schemes are preferred by an ever increasing number of retired homeowners, as they allow people to release tax-free cash against their property.

If you are 55 or over and own your own home then you are eligible to release some cash to boost your finances in your retired life. Home reversion plans and lifetime mortgages are the two main types of equity release schemes.

To release cash against your property, you must have little or no mortgage and the value of the property should be more than £70,000. Once you have received the lump sum of cash then you can spend it anyway you want. Compared to other loans or schemes, equity release schemes offer various benefits.

Advantages of equity release schemes

One of the best features about equity release is that it allows you to live in your property even after selling it against the lump sum amount of cash. Also, you can transfer the equity plan to another property without paying any financial penalty. By opting for an equity release scheme, you do not have to worry about repayment as it will be done on death of the second owner or moving into long term care.

As equity release schemes offer tax-free cash, you can spend it in different ways such as:

• Buy a second home or a car
• Repay outstanding debts
• Invest in home/garden improvement projects
• Go on a holiday
• Improve your retired lifestyle

If you want to know the amount of cash you can release then an online equity release calculator is the best option. Once you have applied for equity release, the whole process will take around 6-8 weeks. At that point you will then receive the tax free cash & it can be paid by cheque from your solicitor or it can be sent by telegraphic transfer directly into your bank account.

The process from application stage will require the services of an experienced equity release solictor, your independent equity release adviser & the equity release provider.

Your adviser will liaise between all parties concerned in order that the application runs smoothly & can ensure that any issues can be resolved quickly.

For these services the adviser will usually charge an advice fee which is deducted on completion of the equity release scheme. To understand the equity release process in further details including the step by step guide click here.

Equity Release Supermarket advisers can help you calculate the amount you require & the equity release scheme that best meet your individual requirements.

Please call freephone 0800 783 9652 to speak to an qualified adviser today

Tags: equity release, Equity release calculator, equity release schemes, equity release solicitor
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