How do I Find an Advisor who Specialises in Home Reversion Plans?
Home reversion plans are financial arrangements in which a company purchases a portion or all of your home. They provide a cash lump sum or an income and will generally provide a lease which allows you the right to continue living in your home for the remainder of your lifetime. This is a specialist form of arrangement which is usually only offered to home owners aged sixty-five and over. However, it is important to find an advisor who specialises in this form of financial arrangement.
How to Find a Specialist in Home Reversion Plans
While there are a great number of brokers advertising online and locally, home reversion plans are a very specialised area of the equity release industry. There are three steps which should be taken to ensure you find the best possible adviser:
1. Ask Contacts for Referrals: This is one of the most advisable ways to locate a specialist advisor. Ask your family or friends who may have experience in using this type of service, if they can provide any referrals. This will supply a trustworthy insight into how professional the service is. Your friend or family member can provide an honest opinion about the standard and the overall satisfaction they had from the service.
2. Look for Recommendations: There are a great many forums and websites offering impartial advice on a good number of financial issues. It is worth conducting a little research on any potential brokers to ensure that they provide a good service. Unbiased is a specialised consumer website which was created to provide a resource for online specialist information.
3. Check with the Equity Release Council: This is a trade body established to protect consumers in the equity release industry. They have a full website providing a list of qualified advisors both locally and nationwide.
Questions when Choosing a Home Reversion Plan Specialist
When looking for reliable advice, there are a number of factors you should consider before choosing a specialist and three questions which can ascertain the answers:
1. Are you an independent adviser? Independent advisors do not have the restriction of being exclusive to one particular company or product range. This means that they will generally have access to a larger number of financial products. This could offer a greater potential to find the product best suited to your individual circumstances.
2. What are your qualifications? In order to provide financial advice for home reversion plans, brokers must have specific qualifications. Not all equity release specialist brokers have the certification to advise on this type of plan. Reputable and professional advisors will display their certification and qualifications on their company stationery and advertisements; however, it is best to clarify their qualification before you start.
3. What is the extent of your experience in the field? Although brokers may have the accreditation to advise within the equity release industry, they may not have any actual experience with home reversion. Although there are fewer home reversions arranged, they still represent the best possible solution for people with a low attitude to risk who wish to have a preference for not wanting to tie up a large proportion of their property. Experienced advisors will be able to assess the advantages and disadvantages to ensure that you make the decision which is best suited to your personal circumstances.
As with any financial product, it is important that you fully understand the charges which may be applicable and any limitations or restrictions which apply. If you are unsure about any aspect of the home reversion plan, confirm the details with your advisor before finalising your application. Reputable specialists in home reversion plans are always willing to revisit any detail of your application to ensure you are happy and confident to proceed.