You’re using an Independent Financial Adviser (IFA) who has within their job remit, a responsibility to you, as their client, to ensure that the best equity release deal is found for you. As part of their “Factfind” on you, your IFA is required to get to know all about you and your lifestyle, your family, what your feelings are on your inheritance and how much you would like to leave your family. This questionnaire is known as an equity release lifestyle questionnaire and is used so that your IFA can find the best deals for you.
Hard facts about your financial situation are gathered so the IFA can, with your input, advise on the best way to move forward in order to secure the best plan for your needs. Assessing your financial situation is vital so that there are no misunderstandings once a plan has been purchased. This means that getting to know you as a client is one of the main factors an IFA will want to do so that he/she can gain the information required in order to seek the best plan on the market.
Having all your financial information to hand when it comes to completing the equity release lifestyle questionnaire will give the hard facts to your IFA about your financial situation. Because equity release plans are so detailed, similar to a mortgage, there are certain limitations on what can be loaned upon. Hard facts such as the value of your home, your age and your location are required so that your IFA can get to know your situation properly.
Since the launch of impaired equity release plans, the IFA, as part of the equity release lifestyle questionnaire, will want to gather “soft facts” about your health. This is in order to bring you the best equity release plan from the open market. As there are many health conditions in place now that do reduce life expectancy, you can expect your IFA to ask a number of questions about your health.
It is no secret that when many people are asked about their health, the simple answer to the question is that they are fine. Health is a very personal matter and many consider this as such. However, in terms of the enhanced equity release lifestyle questionnaire, you could find that some very personal questions are asked by your IFA. You might feel as though this is intrusive, however, this information is vital for your IFA to ensure he gets you the best offer out there.
It’s important you answer the questionnaire as openly and as honestly as possible. Once signed for, your product could end up being a costly mistake if you have not given the correct information on the questionnaire. This is an important part of the IFA’s responsibility to you, their client, and not simply because they are being nosy. Without the full facts, your adviser is unable to do his/her job properly without the correct information.
By gathering the full facts for the equity release questionnaire, your IFA is then able to source the best equity release plan for you. Unlocking the cash from your home is not a small decision and just as you did your mortgage, your full financial situation will be assessed, only this time, your health could have a financial impact on your future. What was once a hindrance, could now unlock more cash for you either in a lump sum or by way of a monthly income. You may have wanted to forget that you once had a medical condition, however, the rest of your life could be seriously affected if you are not completely open and admit your full medical history and current lifestyle choices. It is important to allow your adviser complete access to your history in order to unlock as much cash from your home as is possible.
These hard and soft facts could make the complete difference between a marked increase in your income and the equity release lifestyle questionnaire is a highly important part for your future and for your IFA to be completely able to source the best deal for you.
This fact-finding mission is necessary for your IFA to completely get to know you and your needs and your health cannot be omitted from the equity lifestyle release questionnaire. It is important that trust is established between you and your IFA. You’re going to be discussing intimate details of your lifestyle. To understand fully your commitment to your IFA to enable him/her to do their job and fully act on your behalf, don’t be tempted to brush anything under the carpet. What you might consider a minor health detail could mean all the difference when it comes to your equity release plan. Without a full and concise picture of your lifestyle, your IFA will be unable to source the open market for your perfect equity release plan.