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Equity Release Plan Advice

Tips To Choose The Right Equity Plan

By Equity Plan

Choosing the right equity plan is essential for every homeowner. The equity plan you decide on should meet all specifications, so you never regret your decision in the future. As the criteria of each plan is varied, it is important to consider several aspects of the equity plan.

Essex Equity Release offer advice and tips for every equity plan, ensuring you have the information you need to make a good decision.

Long-Term Needs

When choosing our equity plan, it can be easy to think solely about the amount of money you are receiving. Whilst, in the short-term, this is a big priority, it is important to consider your long-term needs. A plan which offers the most money but has a higher interest rate may not help you in the long-term.

By finding a plan that does offer enough funds in the short-term, without having to make monthly repayments or a large lump sum with built-up interest, is always ideal in the long-term. Homeowners must consider which plans are best for now and your future, rather than focusing on the initial money received.

Switching Properties & Plans

Within the equity plan you decide, this will usually include criteria on whether you can switch properties or plans. Many of the equity release plans that are available today offer much better rates and specifications than previous plans. This trend could continue in the future so having the option to change your plan in the future could be ideal.

Whether you are looking to switch properties to a similar style or decide to downsize, this will also need to be included within the plan specifications. If you are considering downsizing, you should also think if there is a need to release an equity plan. Several equity release plans will be available that allow you to downsize. Finding a plan which offers more funds than downsizing would create is essential when you are switching property.

How Much Will It Cost You?

Whilst equity release does not have to be repaid until both you and your partner move out of the home or pass away, it is still important to consider how much each plan will cost you. The majority of homeowners want to leave an inheritance for their family. All our plans have a No Negative Equity Guarantee, meaning there is no debt that your families could inherit.

However, to make sure they receive inheritance once the house is sold, there are several factors to consider within the plan. This includes ring-fencing a certain amount of money you take out that can be left as an inheritance. Alternatively, you can choose to make monthly payments or an early repayment so interest does not build-up or find a plan that will leave you with leftover funds once the property is sold.

You may not want to make monthly repayments, however, this could be the best option for your needs.

Family Considerations

Your equity plan is specific to your requirements but talking to your family about your options is also important. Our team can recommend a suitable plan for your needs. Despite this, family can also offer good advice and make sure you are considering all aspects of the plan so that you make the right decision.

If you do not want to involve family, close friends can also be involved so you have a good understanding of every plan.

How Much Do You Need To Release?

The plan you choose should not always be what offers the most money. Before selecting your plan, you should think about exactly how much you actually need to release, rather than what is the most you could release.

If you try to release as much as possible, it may not give you the best plan for the future. By thinking about exactly how much you want or need, this can often lead to the best plan being chosen.

Contact Us

If you would like advice regarding equity release plans, get in touch with Essex Equity Release. Our team can quickly organise a suitable time to provide our consultation and give you any information needed. Make an enquiry and call us on 01268 799211 or fill in our contact form today.

What Equity Release Advisors Do

By Equity Release Advisors

Equity release advisors help in a number of ways when you are looking to release equity in your home. Working with many providers to deliver the best equity plans, you should always go through an equity release advisor to find the right option for your needs.

Essex Equity Release offer equity release advise regarding all equity plans. When you require equity release advisors, our team are always available to ensure you select the right option.

Working With Providers

Equity release advisors work with a number of different providers which is particularly beneficial to every homeowner. If you choose to go to one individual provider for advice about your equity plan, you will only be seeing a small selection of the options available unless you decide to go to all the different providers.

With a team of advisors, this will consider each equity plan, as well as offering unbiased advice. Unlike the provider of an equity plan, we want to help you select the correct plan for your specific requirements. Going to a provider could mean you end up picking the best equity plan for that provider to make money.

Understanding Equity Plans

There are several different features to each equity plan, whilst you have the option of lifetime mortgages or home reversions. Many homeowners do not understand the exact specifications of each equity plan. Having a team on hand to offer this support and ensure you know what you are choosing is vital.

With equity release advisors, you will receive detailed advice in regards to every equity plan. This will also take you through the differences in each plan, such as making monthly payments, interest rates, moving home and having a No Negative Equity Guarantee.

All plans available at Essex Equity Release provide a No Negative Equity Guarantee. This ensures when you sell your home, you never owe more money than what the property was sold for.

Recommended Plans

Using the help of an equity release advisor, you will receive a recommended plan based on the criteria you would like achieved. Whilst you do not have to go ahead with the plan we recommend, this does give you what we think is the best option.

As our advice is completely unbiased towards any particular plan or provider, this significantly helps your decision. During our consultation, you will always have the chance to discuss the biggest priorities for your equity plan. With this considered, your recommendation should give you the plan you need and want.

Easy Consultation

There are several ways that you can begin your equity release journey. With the help of equity release advisors, your journey can begin at any time and there are several ways to select your plan and discuss the right option for your needs.

There are several ways our team can provide your advice, including:

  • A Home Visit
  • A Quick Chat Over The Phone
  • By Email
  • Meeting At One Our Local Interview Suites In Basildon, Billericay, Brentwood, Burnham On Crouch, Chelmsford, Epping, Romford & Southend
  • Meeting At Our Benfleet Office

We are happy to give you advice whenever you need, with whichever method is required. This personal service makes going to advisors a great choice for all homeowners.

Stay Protected

The majority of equity plans are now a very viable and strong option for homeowners to take. However, it is important to remain protected against possible dangers of equity plans. Hence, by finding equity release advisors who are part of the Equity Release Council, you can ensure you are protected.

The plans from Equity Release Council members will always have several guarantees to put your mind at ease. This includes helping you leave an inheritance, moving home and never being left in debt when using equity plans.

Contact Us

For more information on the services we offer at Essex Equity Release, get in touch today. Our advisors are happy to support all clients throughout Essex and the surrounding areas with detailed advice on every plan. Make an enquiry and call 01268 799211 or fill in our contact form today.