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How to find good local IFA?
buel10
Posts: 470 Forumite
Hi all.
I'm not sure if this is the correct sub-forum but I would like to know how to find a good IFA for advice for my parents.
They have recently paid off their mortgage. My Dad is 70 and my Mum is 67 and they would like to better understand all the options available to them regarding putting the house in trust, equity release and similar.
Thank you.
I'm not sure if this is the correct sub-forum but I would like to know how to find a good IFA for advice for my parents.
They have recently paid off their mortgage. My Dad is 70 and my Mum is 67 and they would like to better understand all the options available to them regarding putting the house in trust, equity release and similar.
Thank you.
0
Comments
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Referrals. Especially for vulnerable customer which at their age I would say they were, and I don't mean that in any way derogatory.
Failing that a solicitor should be able to advise around the trust part. Why would they be doing equity release at their age if they have just paid the mortgage off? Seems pointless to have paid it and then try and release equity if the payments have ceased?I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
Referrals. Especially for vulnerable customer which at their age I would say they were, and I don't mean that in any way derogatory.
Failing that a solicitor should be able to advise around the trust part. Why would they be doing equity release at their age if they have just paid the mortgage off? Seems pointless to have paid it and then try and release equity if the payments have ceased?
Apolgies for the delay in replying.
Referrals? Please could you/someone elaborate?
Equity release - both only have my Dad's pension to survive on being as my Mum doesn't have enough credits. My Dad's health is not brilliant.
What other options would they have to get an income other than downsizing, which they will not do. I have tried this suggestion many times.0 -
A recommmendation.
Downsizing is probably a better option if they can. I am not a fan of equity release, there have been numerous changes over the years to make it a more transparent optionbut I am still sceptical.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
Thank you for that. However, I thought I heard the site vouchedfor.com was a good way to go?
However, I'm still not sure who is the best to see for my parents' needs? I was looking for someone who could explain all the options - a trust, equity release, even a Will?0 -
An estate planner would be best first port of call.
The one we use advises on wills and trusts and handles changing property from joint tenancy to tenants in common.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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