A Comfortable Conversation about Equity Release
Whilst working for a well-known insurance company during the mid-1990s, staff were encouraged to sell a new product called an Equity Release mortgage. At the time, the wording alone set me off on the wrong foot.
Besides the “gut feeling” I had about the product, there were some aspects of it that made me uncomfortable. I didn’t like the high-interest rates being charged. I thought the way the product was being sold lacked the level of transparency on which I was building my reputation. On top of that, we were expected to advise with little information or training on the product.
Fast forward 20 years and we have a different situation driven more by client expectations. Today, when speaking to clients about Equity Release, I feel that I can offer a solution tailored to their needs. Every client is different as are their needs and situation. An alternative solution to Equity Release may be more suitable to a client’s specific needs and we can explore a range of solutions as a matter of course.
So what has changed in the 20 odd years since I was tasked to sell the product? In terms of the financial industry, the product has matured and therefore it has greater stability. On a personal note, the main reasons I am comfortable discussing Equity Release mortgages with clients are the following features:
- Interest rates are currently very competitive
- No negative equity guarantee
- Overpayment options
- Downsizing protection*
- Minimum inheritance guarantee
Every client is different and every situation is unique. We know what it feels like when a new subject creates unease or a sense of being uncomfortable. At Easy Retirement Solutions we will find out your story and do all we can to give it a happy ending. You should never feel uncomfortable discussing your financial health with one of our professional staff.
*Downsizing Protection is available on some, but not all lifetime mortgages