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The 5 Questions You Have To Ask Your Equity Release Broker And Why They Are Important

The 5 Questions Every Equity Release Broker Should Cover With You.

When it comes to equity release, there are a lot of things to think about. This is a complex process, and you must ask the right questions before making a decision. In this article, we will outline the 5 most important questions that you need to ask. By asking these questions, you can be sure that you are making the best decision for your financial future.

What is an Equity Release Broker?

An equity release broker is a professional who helps people release equity from their homes. This can be done through several different methods and you have several options on how the agreement is written. Expert Financial will work with you to find the best way to release equity from your home, and they will also provide guidance and advice throughout the process.

What are the Five Questions You Need to Ask?

Questions are vital when it comes to equity release. You need to make sure that you are getting the best possible deal, and that you fully understand the process. Here are the five questions that you should ask any broker you are considering working with.

Question One: How much equity can I release from my home?

This is an important question to ask because it will determine how much money you will have to work with. Your broker should be able to give you a rough estimate of how much equity you can release, based on the value of your home and your circumstances.

Question Two: What are the fees involved?

Fees can vary depending on the type of equity release plan you choose, so it’s important to ask about this upfront. Your broker should be able to give you an estimate of the fees that you will need to pay, as well as any other costs that may be associated with your plan. Expert Financial have a fixed fee of £995 for arranging a lifetime mortgage for you, so you know your financial commitments before going ahead with any agreements. 

Question Three: What are the risks involved?

Equity release is a big decision, and it’s important to be aware of the risks involved. Your broker should be able to explain the risks associated with equity release, and they should also be able to offer advice on how to mitigate these risks. Expert Financial offers an informal, no pressure consultation either in the comfort of your home or in one of our offices. 

There is always a risk to releasing equity from your home as you could end up owing more money than the property is worth, though many providers offer a “no negative equity guarantee”

Question Four: What are the tax implications?

There are several tax implications to consider when it comes to equity release. Your broker should be able to advise you on the tax implications of your chosen plan, and they should also be able to offer guidance on how to minimise any potential tax liability.

Question Five: What happens if I move home?

If you plan to move home at some point in the future your broker should be able to advise you on how your equity release plan will be affected, and they should also be able to offer advice on how to best manage your equity release agreement if you do move.

As you can see, these five questions are vital when it comes to equity release. By asking these questions, you can be sure that you are getting the best possible deal, and that you fully understand the process. If you have any other questions about equity release, be sure to speak to your broker. They will be able to provide you with all the information you need to make an informed decision about equity release.

At Expert Financial we have the experience and expertise to find the right lifetime mortgage to suit your requirements and have been working with clients for over 20 years.

It’s important to remember that equity release is a big decision, and it’s not something that should be taken lightly. However, if you do your research and ask the right questions, equity release can be a great way to free up some extra cash in retirement.

By asking the right questions, you can be sure that you are making the best decision for your needs. Make sure to ask about all of the costs and fees associated with a release, as well as what options are available to you. It’s also important to be aware of the risks involved and to ask about what will happen if you move home or need to sell your property.

If you’re thinking about equity release, be sure to speak to Expert Financial today. They will be able to answer any questions you have, and they will also be able to offer guidance on the best way to release equity from your home.

It is important to use a regulated equity release broker. This ensures that they have the correct licence and are qualified to give you advice. You can check if your broker is regulated by the Financial Conduct Authority (FCA) by searching for their name on the FCA Register.

Expert Financial LTD is an experienced mortgage broker offering whole of market mortgage advice in St Ives, Huntingdon, St Neots and the surrounding Cambridge areas.