Talk to an independent financial advisor about ways to pay for care, expert says
People seeking ways to pay for care and considering equity release should employ the services of an independent financial advisor, according to one specialist.
Karen Barrett, chief executive at unbiased.co.uk, said that before going ahead, it is important to ensure that equity release is the right way to go for the needs of the individual in question.
Once this has been established, people should look for the product and provider that will offer them the best deal and terms according to their circumstances.
"Only an independent financial adviser can look at all the products available across the whole market and you should ensure that you choose an adviser, who not only specialises in equity release, but also holds the relevant qualifications," she advised.
Meanwhile, Paul Rumbold, independent financial adviser at Wayne Austin IFA has noted that equity release schemes work based on life expectancy.
This means that the older an individual, the more money they have access to.
Posted by Natalie Edwards