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Independent Advice Is Important When Deciding On The Right Equity Release For You
21/06/2010

According to Mr King, Managing Director of Hodge Lifetime, said “more people are looking at how their homes can provide income for them in retirement."While the equity release market has witnessed a slight decline since 2008, it has been nowhere near as significant as the fall in gross mortgage lending during the same period. The importance of seeking independent financial advice for these products has really come to the fore and it is the strong presence of IFAs who now operate in this arena that should be praised for ensuring the resilience of the market over the past years and into the future." Hodge Lifetime have also found that the equity release market has remained buoyant in comparison to that of the normal mortgage lending which has seen a 60 per cent fall since 2008. Since 2008 we have seen house prices fall on average by 13.6 per cent. This has lead to many homeowners at retirement age become undecided about the option to downsize their property. This has lead them to look at alternative options. One has been to look at Equity Release. This is where they release the equity from their property. By doing this they can maintain their current standard of living and continue to live in their own home.
With demand increasing there is a need for independent advice. People will need to make sure they get The Right Equity Release advice. This has become more important during the last 6 months as there has been a reduction in the amount of large providers and direct sales forces operating in the equity release market. Hodge have surveyed IFA's and 79% said they are still confident in giving advice in the equity release market even though there have been providers withdrawing from it.
The Right Equity Release has access to independent advisers who will talk you through the process. Discussing with you the right plan to suit your needs and advise on how much money you can take from you property and how you are able to use it.
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