Steps to Be Followed for Selecting Suitable Equity Release Plans
When you look at a retiree, you think he is the happiest person on the globe. He has no job responsibilities, but still he receives a regular earning through his pension. But when you move closer to him and his life, you find that he too is not free from worries. Being into service, at least guarantees stability in life, but retiring without any source of significant income makes whole life unstable. Equity release loans, in such scenarios act as the most relevant financial options for the retirees. Well there are several types of equity release plans that are available in the market, which the retired personnel can choose from, based on their prerequisites.
As soon as you decide to know more about the equity release plans in order to select the best suited financial alternative for the rest of your life, the very first thing that you need to do is fix a meeting with an expert financial advisor. Besides equity release schemes, there are several other loan options that are available for the individuals. The financial advisor will enable you to know your exact position, based on which you need to take a relevant decision whether you should go for equity release loans or some other financial alternatives such as state benefit entitlements.
Once your financial advisor reviews your circumstances, he will offer you some recommendations and will also help you understand clearly the costs involved in both the cases. Mortgaging your property in which you have made huge investment is not a less expensive deal to obtain sufficient equity release loans. Thus, the advisor always tries to give you a clear-cut idea of being involved in such a deal. If you are OK with the terms and conditions of the equity release plans and you like the product, you can enroll into the same if you qualify for it as per the eligibility criteria specified.
As soon as you choose the relevant equity release plans base on the advice and recommendations of the experts, you need to fill up a form. It is the advisor who will help you to fill up the form completely and send it to the equity release providers along with the fees, if any such thing is specified. You should discuss everything with your solicitor and make sure that the one you have chosen as your solicitor tries to keep the cost involved to the minimum. This will ensure you get the maximum benefits of the equity release plans at cheaper rates.
When you apply for the equity release loans, the lenders will pay a visit t your property in order to determine the amount that the applicants are eligible to receive. Once they decide on the amount based on the value of your property, they will allow you to avail the benefits as pert their timescales. The timescales for the receipt of the amount varies with different lenders. However, it has usually been found to be 8 to 12 weeks from the day your application for equity release plans reaches the provider to the day on which your solicitor receives the money.
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