It is essential that advisers understand how equity release fits in to the state benefits system so that clients receive everything they are entitled to and don’t lose any benefits
Mortgage brokers warn about the “failings of the mortgage market” in providing solutions for borrowers in later life
Experts are predicting the equity release market could grow by up to 25 per cent this year.
It is important to involve family members when discussing equity release but if relatives object to the idea it is even more important to properly document the advice.
Taking out an equity release plan can adversely effect benefit payments so it is essential that advisers know exactly what clients are entitled to and how any payment may be affected before recommending.
Advisers and their clients who are considering equity release need to understand the principles of what they are getting into and the specific risks that they face.