How Long Does an Equity Release Plan Take to Come Into Effect?

When you apply for an equity release, it's not as simple as signing a few papers and receiving the money on the spot or even within a few days. There are several specific steps that need to befollowed in order to make sure that everything is indeed in order. No matter how quickly you fill in your paperwork, the process that follows can never be rushed.In fact, experts will agree that even the early stages of researching and applying for an equity release should not be rushed. It's crucial that you seek the professional and impartial advice of an independent financial advisor. Discuss all of your options so that you can make an informed decision. It's important to consider each of your options and weigh up the pros and cons. Not all plans are the same, and different lenders may offer slightly different benefits. Remember to read all of that fine print and ask your advisor about any hidden or additional fees. The amount of time required for this part of the process really depends on you. It is important, however, to remember that if you take a considerably long time, the value of your home may vary. If this happens, the amount you can release through your equity plan will also differ.After choosing the plan you feel suits your needs best, it's time to complete all the necessary documentation. Be sure to read each and every section carefully as you fill it in. Once you hand theapplication over to the lender, there's nothing more that you can do apart from wait. The lender will need to go through your application and supporting documentation with a fine-tooth comb. It's not only for their protection but also for the homeowner's best interests. This part of the process takes anything from three to four months to complete.Considering that this process will take at least three months to complete, it's important to plan in advance. In other words, if you plan on renovatingyour home during the summer, you may want to start your research at least 6 months prior, or just after the festive season at least. By giving yourself more time to make these decisions, you will relievethat pressure to make a choice on the spot. This means that you can take your time to analyse all ofyour options. When you're not under pressure, youtend to think more clearly, and you will also have the time to consult with your spouse, family, and any other people you trust with your finances.Professional financial adviceis important, but it's also good to ask your loved ones for their input. They might see problems, flaws, or benefits that you're unaware of.Calculate how much equity you can release from your home (http://www.talkequityrelease.co.uk/)Article Source:http://EzineArticles.com/expert/Andrew_Larkin/1943433