Professional advice essential for anyone considering equity release
It has been well reported within the industry that the equity release market is enjoying one of its strongest spell in recent years. There was a 10 per cent increase in the number of equity release plans taken out in 2012 and a 17 per cent increase in the collective value of these plans.
However as more homeowners begin to release equity in their biggest financial asset, it is essential they obtain both specialised financial and legal advice.
It is the way of the world that when something is doing well everyone wants a piece of the action. The school geek, for example, who has since made their millions suddenly becomes the most popular person at a school reunion, their childhood tormentors now their long lost best friends.
To a certain degree equity release used to be that schoolyard nerd; a niche product which many tended to steer clear of. However its recent success has enhanced its profile and those previous sceptics are now readily including it in their gang.
However there are fears its overnight fame could impact on potential clients with new advisers not well enough equipped to properly guide a homeowner through such a transaction.
Given the complexity of equity release, clients are advised to retain both financial and legal advice. As a founding member of the Equity Release Solicitors Alliance (ERSA) we are highly experienced in providing specialist advice on the legal nature, implication and effect of equity release as well as referring you to a panel of recommended equity release financial advisers.
Content correct at time of publication