How to Find And Choose a Good Equity Provider
The equity release market is a huge industry, but with so many equity release providers to choose from it can be hard to find the best provider for your needs. The first step in finding an equity release provider is thinking about which type of equity release product you need. There are three main types: lifetime mortgages, home reversion plans and lifetime leases. Lifetime mortgages are mainly used by older people who want to use their property as security against the loan amount; home reversion plans work like reverse mortgages where the homeowner pays off their property while they live there; lifetime leases give homeowners flexible access to part of their equity using a lease agreement that lasts until death or sale of the property.
Once you have decided what type of product you need, you can start by looking at the providers’ list of equity release products to see if they offer what you are after. If not, keep refining your search until you find a product that matches up with your needs and preferences.
Finally, it is worth checking whether any independent financial advisers or specialist equity release lenders have been appointed on behalf of the company selling the product; this is because these professionals will be able to provide impartial advice based on in-depth knowledge about all aspects of an applicant’s finances and circumstances. This should help people who want unbiased information as well as those unsure which type of equity release provider would suit them best.
Once you have found a package that suits your requirements, it may also be worthwhile considering what sort of care package is included and whether you want to opt for any additional cover such as critical illness, terminal illness or income protection.