Equity release and independent advice

Watson

I have a mortgage-free bungalow, no debts and no dependents, and I've been considering the possibilities of equity release: the money will be used to fund improvements to the property.

A few years ago I used a local independent advisor over a pension matter. I was pleased with him and his service, so contacted him again. He told me that he didn't deal with mortgages but would recommend someone else.

Today he asked if I was free for a meeting in two weeks time with a advisor from a company called Just Retirement Solutions. He will also come to the meeting "to assure you that the adviser is bona-fide", which strikes me as slightly odd.

The company appears to deal with a small number of loan providers rather than being completely independent, but they are open about this and name the providers on their site: Aviva, Just Retirement ("our sister company"), Bridgewater, More2Life and Stonehaven. They are also upfront about their charges: a one-off fee of £749 irrespective of the amount of the loan.

I'm undecided about going to this company or arranging my own consultation with a truly independent advisor. I'd be grateful for any thoughts.

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dunstonh

Today he asked if I was free for a meeting in two weeks time with a advisor from a company called Just Retirement Solutions. He will also come to the meeting "to assure you that the adviser is bona-fide", which strikes me as slightly odd.

Just Retirement are a major player and well regarded. I don't see the accompanying as odd. This adviser is introducing someone you have no relationship with. So, giving them an introduction and handover seems like a very nice thing to do.

I'm undecided about going to this company or arranging my own consultation with a truly independent advisor. I'd be grateful for any thoughts.

The equity release market is not flooded with providers and any IFA is going to filter them down and probably end up with a short list more or less the ones you have listed anyway.

Watson

Many thanks for that; very useful information. I'll set the meeting up.

xylophone

http://www.equityreleasecouncil.com/ship-standards/

Worth a read.

Watson

Thanks for the link. Very interesting. I just checked the Just Retirement Solutions site again and found this:

All of the product providers we recommend are members of an industry body that aims to both protect and educate consumers considering equity release - the Equity Release Council (formerly known as Safe Home Income Plans or SHIP).

Which is reassuring.

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