Whether
you're looking for a lifetime
mortgage or a home
reversion equity release plan, it's essential to
choose your provider and plan with great care. This is a once-in-a-lifetime
decision and you want to get it right.
Your choice of providers
There are currently more than 20 equity
release providers in the market, offering 30-plus different
plans between them.
Most deal purely in lifetime mortgages or home reversion schemes,
while a handful operate both types of plan.
Make sure they're Ship-shape
The vast majority are members of the trade body Ship (Safe Home
Income Plans) and it's generally a good idea to confine your
search to these, as they are bound by its code of practice.
This includes a no negative equity guarantee.
You can get a list of Ship members and their contact details
from its website: www.ship-ltd.org.
It shouldn't cost you to use an IFA, as they will be paid for
their services in the form of commission from the plan provider
you eventually choose.
Your IFA should give you an initial disclosure document, showing
the services he or she will provide, and a key facts illustration
for each plan you're considering to help you compare them.
Going to an IFA for advice also gives you valuable
protection.
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