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What an equity release adviser can do for you

Article | Mar 2024

Equity release allows homeowners to unlock value from their property and receive a tax-free cash lump sum. It is popular amongst people over 55 because it enables them to enjoy more financial freedom in retirement.

If you are considering releasing equity from your home, it is important that you first consult with an expert equity release adviser. They can provide all the equity release advice you need and help you decide on whether to make an application.

Responsible Life specialise in providing industry expert advice on equity release. This includes advising on the right products for you and whether it is the right option for your financial circumstances.

In this article, we will break down all the things an equity release adviser can do for you.

Where can you get advice on equity release?

You might first be wondering where you can receive advice on equity release. At Responsible Life, we have a nationwide team of advisers ready and willing to help you discover whether releasing equity is the right choice for you. Read on to discover more about the service that we offer.

Do equity release advisers offer advice on product options?

Equity release advisers at Responsible Life principally provide expert advice on one of the most popular products, a Lifetime Mortgage. The benefits of this equity release product are that the interest rate is fixed for life and is added to the full amount borrowed over your lifetime. If you want to make payments to reduce the cost, you can choose to do so, but you can also choose to make none.

There are two different types of Lifetime Mortgage product that our equity release advisers will talk you through. The first is the Lump Sum Lifetime Mortgage option, where you take out a single lump sum up to the maximum amount that is available.

The second Lifetime Mortgage product that your equity release adviser will provide information on is the Drawdown option. This product provides more flexibility in allowing you to take out some of the value you can unlock from your home. You can then take out more money over time if needed by contacting your lender. In each case, releasing equity will reduce the value of your estate and may affect your entitlement to means-tested benefits.

Responsible Life’s equity release advisers will also provide you with information on other different types of equity release and financial products. These include a home reversion plan, traditional mortgages and Retirement Interest-Only Mortgages.

Through a comprehensive assessment of your needs and circumstances, your adviser will help you to discover the best option for you. Remember, you are never under any obligation when you enquire with us, as our only goal is to find the right solution to support your needs.

Do equity release advisers help with applications?

Once you have discussed your product options with an equity release adviser and have agreed to go ahead, they will be able to help you make an application. The main role of the adviser at this stage would be to handle the paperwork and process the application for you.

An equity release adviser will then ensure that things run as smoothly as possible, keeping in touch with your lender during the process.

Once your application has been completed and all the paperwork with your lender has been processed, our equity release advisers will offer lifetime care. This means they will be available for any advice needed in the future and be around to help you with any future questions you might have about your borrowing.

How much might you pay for equity release advice?

The cost of receiving advice on your equity release options will vary depending on who you approach for help. At Responsible Life, our fee is capped at £1,690 rather than being a percentage of the loan amount, so you won’t have to pay more for wanting to borrow more. Additionally, we will never charge you a fee until the released equity is in your account, so there is no upfront cost to meet with us and find out if it’s right for you.

Need more information on equity release?

If you feel you need any more information about our equity release advisers, schedule a call with our friendly Information Team today. They can book you in for a free initial consultation with an adviser.

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