Is Your Equity Release Adviser Qualified?

Is Your Equity Release Adviser Qualified?

Equity Release schemes are designed to enable you to free some of the money that is ‘locked’ your house in an easy way. They enable you to avoid having to move house in order to release the money, and they are reasonably straightforward to arrange.

However, you should still think carefully before committing to take out a loan on your home. The best way of helping you to understand the consequences of an Equity Release product is to involve your family or friends with the consultation. Not only will they be involved with the decision making process, they will also know what your liabilities will be in the future and how much money could be taken out of your estate when you move home or die.

You will need to get professional advice from an equity release consultant and this raises the question of how you check whether or not the consultant is appropriately qualified to advise you.

Check Their Advertisement

Equity Release providers should clearly state their qualification on any form of promotional material. This will mean that they are approved by the Financial Conduct Authority (FCA) to carry out this type of advice.

Check Their FCA Regulation Status

All firms that advise on equity release products are regulated by the FCA and so they must meet certain standards set by it. This includes ongoing Continuing Professional Development (CPD) in order to satisfy the FCA that they are familiar with changes in legislation and ongoing developments to the equity release market.

Check Their Clients

You should ask to speak to a few of their recent clients to find out what kind of service they received from the adviser. The best way to do this is to ask for ten or more names and contact details, and then choose three or four of these people on a random basis.