Check that the Equity Release product that you intend to use is a member of Safe Home Income Plans (SHIP). You can read about them here.
Read everything and employ your own solicitor to check answers to all of your questions - especially about your rights. SHIP members, for instance, guarantee that the loan on your home will never be more than the value of your home ( no negative equity) and that you will have the right to live in your house for the rest of your life. See more details about what SHIP offers here.
You should also ask questions like what happens if I want to move house? What if I want to move to smaller house? How about changes of ownership? Can my child or children live with us?
In order to protect yourself, the very first thing that you should do is to get the Financial Services Authority Guide to Equity Release. It is free. See top right hand corner.
I will also send you more information about Equity Release, like how to choose a Financial Advisor that you can trust, Do’s and Don’ts about Equity Release and so on.
I hope that it proves useful for you. Put your details in at the top to get the FSA Guide
Tags: Equity Release, Financial Services Authority, How To Choose A Financial Advisor, Negative Equity, Rest Of Your Life, Safe Home, Safe Home Income Plans, SHIP, Ship Members, Solicitor