One has to be really careful about their personal details such as their address, mobile number, e-mail address as this could be misused by others. There are firms which ask for your personal details luring them right into the trap by promising them with some good deals. Later, all they do with your data is to sell to them to the highest bidder they get. It doesn’t end well with most of the people as they are bombarded with lots of e-mails, calls, messages, and salesmen reaching their house, all these efforts just to convince you to take the deals which they offer. You will be surprised to know that some companies sell the customer’s data for 100 euros. It can be really frustrating sometimes as you receive so many texts and e-mails all through the day.
How do equity release works?
Equity release loans are for elderly people who are 55 or above. They can take the loan on the basis of cash tied up in your home. The loan is given at the base of the value of products resides in your home; a value is fixed for each article present in the home. The people apply for this kind of loans doesn’t have to pay back the loan until the surviving borrower moves into long term care or dies. The cash they get out of equity release can be received in it small amounts or can get the lump sum amount of at once. There is approximately 20,000 equity release which costs 936 million at the beginning of this year and it estimated that the homeowners are on a track of releasing 5 billion euros by the end of 2019.
Beware of the comparison sites
With all these advantages of equity release, you have to be very alert about the fraud. There is no doubt that equity release has changed life many old people by providing the money they need. This loan is of great value for those who are property rich but do not have enough banks’ balance. But you should be really careful when you are giving out your personal information. The comparison websites will tell you that they will provide personalized quotes according to your need but as soon as you provide the information you will start getting notification from different advisor instead of getting calls from an expert and qualified advisor.
Always read the terms and conditions of these firms carefully as sometimes you skip some important details such as getting charged if you proceed with their policies. To reassure the customers and to lure them into their schemes they will tell you that they are authorized by the Financial Conduct Authority. But if you will dig little deeper you will find that they are just fraud who are just after your information regarding your phone number, home address, and e-mail address.
You should talk to an advisor which does not only tell you about the details of equity details but also about the problems which are associated with it and how to tackle them. some of the advisors will also ask you to take the opinion from your family members about your next equity release.