Key Questions To Ask Your Equity Release Adviser

If you’re considering equity release as a way of unlocking funds to spend later in life, speaking to an equity release adviser is one of the most important steps you can take. In fact, it’s a legal requirement that you get professional advice before making any kind of equity release application. 

At Mewstone Equity Release, our local equity release adviser offers completely no-obligation initial consultations, giving you the chance to understand what equity release is and how it could work for you without any pressure. This conversation is entirely yours, allowing you to understand how equity release might benefit you and ask any questions or raise any concerns you may have. 

It’s that last part that’s often the most important. After all, equity release isn’t something you should rush into or figure out on your own. This makes having the right conversation with an experienced equity release adviser all the more important, and we’ll walk through some key questions to ask during this process in this article so that you can feel more confident and informed when making any decisions for the future.

Are you fully qualified?

One of the first things you should check when receiving any form of equity release advice is whether your equity release adviser is fully qualified and authorised by the Financial Conduct Authority. This will ensure that you receive guidance that is compliant and focused on your best interests, both now and in the future.

At Mewstone Equity Release, all advice is delivered by our experienced, qualified and award-winning local adviser. With an understanding of not only equity release but also all of the suitable later life mortgage options, you can be assured you’re in the best hands with advice from us.  

Is equity release right for me?

Assessment of suitability should be at the heart of any equity release advice – it certainly is with Mewstone. This includes looking at your goals, any income, your property, and any suitable alternatives (like downsizing) to work out what’s the most appropriate solution. Understanding how equity release works is just one part of the process, and by asking whether equity release is really right for you, you can be certain that the advice you’re receiving is as personalised as it should be. 

How will equity release affect my home and estate?

Understanding the relationship between equity release and any possible inheritance is one of the most important questions you need to have. Fundamentally, borrowing from your home now will reduce the amount that can be left as part of your estate in the future. However, the way that this can be managed is something that a good adviser should be able to explain.

At Mewstone Equity Release, we take the time to walk you through exactly how interest rolls up and what that means for your long term plans. Importantly, we can also help you to understand how making voluntary payments might help to mitigate any interest roll-up. It’s this kind of questioning that ensures you understand how different choices you make now may affect you and your family’s future.

Can I move home with equity release?

Life doesn’t stay the same. You might think you’re in your forever home now, but find that you do want or have to move home in the future. This means it’s important to ask whether your plan allows for this. 

Most equity release options are flexible and will allow you to port your product to a different property in the future, provided the new property meets lender criteria. Ask this ahead of time, particularly if you have plans to move in the future, as the answer can both affect the product you go for and whether you actually opt for equity release at all.

Do I have to make payments?

One of the most common misconceptions about equity release is that you will be expected to make regular payments, just like you have throughout your life with a standard mortgage.

With a lifetime mortgage (the most popular type of equity release), there are no required monthly repayments. Instead, the amount borrowed plus interest is repaid when your home is sold, typically when you pass away or move into long-term care.

It’s important to ask and understand this question, as the lack of required repayments can make this type of borrowing much more affordable later in life. However, it’s also important to understand that equity release doesn’t have to be completely payment-free if that doesn’t suit you. With most plans, you can make voluntary payments to manage the balance more flexibly over time.

At Mewstone Equity Release, our Plymouth-based equity release adviser will always talk you through whether making voluntary payments could be right for you.

What support will I get through the equity release process?

You should feel supported by your equity release adviser from the first conversation all the way through to completion. A good adviser keeps you informed at every stage, making sure that you always know what is required from you and what to expect next.

That’s why, at Mewstone Equity Release, we stay with you throughout the entire process. We provide clear, no-pressure equity release in Plymouth and beyond, providing clarity and answers at every stage.

Whether you’re just exploring your options or are ready to take the next step, we’re on hand to help you decide what’s right for you. To ask any questions about equity release and start the process of receiving advice from us, simply call 01752 922549 or book a call at a time that suits you. It’s that simple.