Page 6 - The Equity Release Guide 2020

If you decide Equity Release is right for you, one of our advisors will work with you to find the right policy based on the wide range of plans available in the market and your individual circumstances.
We are totally independent specialists which means we can access products from all the major lenders. We offer a free consultation to help you find the best policy, meaning there is no pressure to take out Equity Release.
To be eligible for Equity Release you need to meet the following criteria:
● Be 55 years old or over (The youngest homeowner needs to be over 55)
● Own you home (This can be with a mortgage or previous loans against the property, but these must
be paid off with the money you receive)
● Property value over £70,000
Many people are involved when making the decision to get Equity Release and we always recommend people discuss the options with their family and friends who can be great at offering advice when making important decisions. But professional advice is also important, and that’s why your Retirement Solutions financial advisor will really get to know you and your situation to help you find the right product.
We then work with:
● The lender who will provide the product most suited to you, who will appoint a valuer to work out the value of your property.
● The valuer is independent from the lender, they will value your house fairly compared to the current property market.
● Lenders will appoint a law firm, where a solicitor or conveyancer will make sure all the paperwork is completed correctly.
● Lastly, an independent solicitor will be appointed to work with you, to make sure you fully understand your rights and that the paperwork has been completed correctly.