In the near or distant future, you might need extra cash to maintain your current quality of life, or you may need an urgent influx of funds to pay for an emergency. You never know when something as critical as a medical emergency or significant home repairs will require your attention. When faced with this kind of situation, it's easy to feel the pressures of stress, and you can quite easily be tempted into signing with the very first equity release advisor you come across. Holster your pen and don't let your troubles get the better of you. Take your time to consider all of your options and be mindful of the following common pitfalls:
Diving in head first
When you sit down for your very first meeting with your very first advisor, they might come across as genuine, knowledgeable and impressive. Don't be duped by all the sales talk and stay focused on the actual facts and figures. Don't attend any meeting with the intention of signing on the spot. Ask the adviser for information that you can take home with you. You will need to think about it, discuss it with your partner or spouse, and you will need to compare various options. Let each advisor know that you are visiting more than one. When they know that they are competing for your business, they will be more inclined to make the best offers to get your business.
Once you have met with several advisors, you should take some time to look into their reputations. See what existing and past customers have to say about each company and just how happy they are with their service.
Prepare yourself
Before you set up your first appointment, do yourself and the advisor a favour by writing down all of the questions that are on your mind. Do everything you can to research the points that are of interest and try to find some answers for yourself. Even if you do find the information you are looking for online, you should still ask a professional when you have the chance to sit down for a one on one meeting. By preparing your questions prior to your meetings, you will avoid forgetting to ask something important that could quite possibly affect your decision.
Independence is key
If you approach an advisor who has ties with a particular financial institute, you are in for biased advice and limited options. Look for an independent advisor so that you can learn about all of your various options. Independent advisors won't try to force a particular product. Instead, they will lay everything out on the table and let you decide. They will provide their professional opinion, but the choice is still yours.
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