Equity Release Facts – Introduction
If you are over 55 and own your own property, equity release is a route available to you to turn some of the equity locked in your property into a cash sum. The cash sum can be used for whatever purpose you like, whether it be topping up a pension income, paying off other debt, home improvements, etc.
Equity Release is a great option for many people, but it isn’t for everyone. It is important that you take advice from a qualified and FCA regulated advisor in order that you can make the right decisions for your circumstances. We work with a small team of trusted advisors and are happy to put you in touch with them for an informal discussion. Get in touch if you would like to find out more, or visit the equity release section on our website.
In the meantime, here are 5 equity release facts that we’re often asked about:
1 – Equity Release is FULLY REGULATED
Advisors operating in the equity release market must be registered with the Financial Conduct Authority (FCA) and all property conveyancing must be completed by solicitors regulated by the Law Society of Scotland. You can ask to see the registration of either the FCA or the Law Society of Scotland at any time.
2 – Equity Release is FLEXIBLE
How much equity you want to release, when you want to access the money, how and when you pay back the loan – there are different options and different financial products available and your advisor can help you find the correct one for your circumstances.
3 – Equity Release is MOVABLE
If you need to move at any point, as long as the property you are moving to meets the criteria of the equity release provider, you can take your equity release plan with you when you move.
4 – Equity Release has SECURITY
Along with being regulated by the Financial Conduct Authority and/or the Law Society of Scotland, Wallace Quinn and the advisors we work with are members of the Equity Release Council, a voluntary body which ensures members are professional and act with integrity and transparency in offering high quality products and services to customers. ERC members provide guarantees in their equity release plans that let you stay in your own home for as long as you require.
5 – Equity Release DOES NOT saddle your children with debt
You won’t be leaving your children any debt associated with the property. Equity Release council approved equity release plans from providers come with a ‘no negative equity’ guarantee to stop you owing more than the value of your home if you choose to let the interest roll up rather than pay it back each month.
Equity Release Facts – find out more
If we’ve not covered your key question in our 5 equity release facts article, get in touch by filling in the form on this page and one of our solicitors will get in touch.