Things to Consider
Things to Consider
Bright Equity Release Solutions will charge a fee for advising on equity release products. The precise amount will depend on your circumstances but we estimate that it will be £595. This will not be charged until the money from the lender is released. Bright Equity Release Solutions will also receive a fee from the lender on completion of the loan to you. We offer an initial consultation for which no fee will be charged and there will be no obligation for you to proceed.
- Equity release could affect some state benefit entitlements and may also have an effect on your tax position. Your Bright Equity Release Solutions advisor will consider all of the implications for these and other issues during the consultations.
- All equity release plans will mean that the value of your estate is reduced. Bright Equity Release Solutions recommend that you involve your family in discussions and we would encourage your family to be present at any of our meetings.
- It is a very important and lifelong commitment to release money from the value of your home. Any loan is only expected to be repaid upon your death or when you begin long term care. Early repayment charges may apply if you want to repay the loan early.
- Before entering into an equity release agreement it is important to consider the alternatives: you could, for example, sell your home and move into somewhere cheaper and more affordable. You could ask your family to help you with financial assistance, or you could consider other forms of borrowing. You need to consider whether you can access any other savings or investments you may have.
- All of the plans approved by SHIP (Safe Home Income Plans) will allow you to move home if you want to, but this will naturally depend upon approval of the lender according to their own rules and also their approval of the new property.
- Bright Equity Release Solutions will talk through all of these points with you and help you to consider them carefully before proceeding with any agreement. As with any financial situation there are advantages and disadvantages which need your understanding and our advisors will use their wealth of experience to explain these to you thoroughly.