really independent advice on equity release needed

[renarde]

I am speaking to a financial advisor who has been recommended to me and feel i can trust. still, before signing on the dotted line, i feel i need someone to look over, in case there are hidden issues. anyone to recommend?

thank you

[Sally Eva]

https://www.moneyadviceservice.org.uk/en/users/sign_in

Money Advice Service: impartial, government funded.

information from Age UK

https://www.ageuk.org.uk/search/?q=equity+release

[keano77]

I would advise you put everything through a solicitor who specialises in equity release contracts so you are aware of the devil in the detail in the terms and conditions.

As you are probably aware there are different types of equity release. A colleague told me about her parents who had taken equity release. Getting on in life but still in good health they decided to sell their home and downsize using the money to repay the equity release mortgage and have a nest egg for their future. However the equity release company refused permission for them to sell at that time. They now feel trapped as they need permission when the company considers the time is suitable.

Now I don?t know the full details and didn?t want to ask but it appears the company had some control over what they did with the property over and above a normal mortgage. So, get good legal advice as to what you are entering into. At the end of the day, financial advisors, however well intentioned to meet your wishes, receive commission for arranging such schemes and are not legal experts.

Good luck.

[Spartacus]

I have to wonder if in a few years time, equity release schemes will be the next PPI type scandal.

After all these companies, whilst giving you instant cash, are going to want to make as much money from their investment as they can.

I can see the legal adverts in 10 years

"My holiday was on my house, but my children were left with nothing by the equity company"

[jazzer]

I'd say from hearing neighbours experience of Equity Release, simply DON'T do it at any cost. The cumulative interest is crippling.

[malumbu]

I had a thread on this recently. By law, the IFA's offering product to have to discuss the alternatives.

Worth a look through: https://www.eastdulwichforum.co.uk/forum/read.php?20,2208792,2210918#msg-2210918

[Pugwash]

i had a client many years ago whose husband took out an Equity Release on their house in Upland Road. He died and years later the wife was admitted into hospital. My team were asked to help out sorting her finances- she had forgotten about the ER - the amount borrowed was more than the house was worth as she had not kept up with the maintenance of the property. We had to refer her to a financial advisor/solicitor who took up the case - we never found out what happened.