Where to next?
- Check with Centrelink to see if it will affect your Government Income Support entitlements.
- Check if the loan is portable in case you wish to move house in the future.
- Ask the provider what your obligations are as far as maintenance on the property is concerned.
- Look at options to protect against high costs such a ‘No Negative Equity Guarantees’, fixed interest rate options and/or caps on variable rate options.
- Ensure that your insurance coverage is adequate.
- Check if the provider is prudentially regulated and financially sound.
- Find out what your rights are if something goes wrong and a dispute arises.
- Find out what restrictions an equity release product will have on you in the future, for example if you wish to renovate or need to move into aged care.
- Ask the provider questions about themselves such as how long have they been in business, can they give you any customer feedback and how can you deal with them in the future.