Important Questions to Ask When Considering an Equity Release
When you are looking for best equity release deals, it can be difficult to find the best ones. There are so many companies out there that offer different rates and services. How do you know which one is right for you?
First, get informed. What is equity and what does it mean for your home? Then, decide the amount of equity you want to release. This will depend on how much money you need to live comfortably in retirement.
Find a company that provides these services near where you live or work. Choose one with quality ratings, good service reviews and low rates than those close by but don’t provide high rated customer service as well as those around town who offer better prices without caring about their customers’ needs first. Make sure they are insured so that if something goes wrong they have protection during the process.
Compare offers from different companies including price per loan charge (APR), monthly payments and percentage rate charged against income. Make sure you are satisfied with the company’s customer service. Will they be responsive and attentive to your needs.
Find out about their policies for withdrawing money from accounts. Go ahead and get a quote so that when it’s time for retirement you’ll be prepared financially. This will help ensure there is no margin of error in regards to what taxes or monthly payments may come up later on.
Take into consideration any updates concerning equity release laws as these changes can impact how much equity an individual can use before being required to pay estate duty tax rates. Be aware of all aspects of this type of lending before proceeding! Understand that this type of investment is not for everyone. Consult with a financial expert before going through the process.