Equity Release Confernce

A new opportunity

2019 Equity Release forum

EVENT: FPG Equity Release Event
WHEN: 9th May 2019 9.30 am to 2.45 pm, AMEX Community Stadium, Brighton.
HOURS: 4 hours of CPD

Networking interaction with the 4 largest Later Life Lenders, an Estate Planning expert and AiR sourcing who are an Adviser support organisation. 121 discussions with Representatives to discuss specific USPs, criteria or individual cases.

introduction

by pete burgess

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AiR sourcing

by Helen Smith and Steve Turl

AiR Sourcing benefits – It’s free to join.  Join the Equity Release Club and AiR Sourcing for free sourcing, enhanced proc fees, access to Entitled2 benefits software, equity release fact find and feeds into their suitability letter.

Sourcing – it’s thorough with both rates and criteria, more in-depth training is available, plus useful downloads such as lease terms, Gilts, drawdown limits, etc.

Later Life Academy (LLA) – it costs £25 +VAT per month.  Support or training via skype, telephone or chat services.  Marketing support.  Provides greater proc fees to offset cost of joining.  Graduation scheme in place which also requires a long term care qualification to be attained.

Prestige Packaging – a new equity release packaging service coming soon.  Fee of £198 +VAT per month and the service includes sourcing and KFI provided, then product
applied for.

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more 2 life

by Sanjay Gadhia

Background – an aggressively growing lender commanding more of the market share

Products – Capital Choice, Tailored Choice and Maxi Choice.

Capital Choice – High LTV.  Fixed ERCs.  10% repayments allowed.  With their Plus product aimed at 60-75 year olds there is wider accommodation acceptance and relaxed
underwriting criteria, plus drawdowns.

Tailored Choice – Enhanced Lifetime product with 12 y/n underwriting questions to
increase the LTV for positive client disclosures around illness.

Maxi Choice – Lump sum and drawdown options.  Minimum of £500 pm drawdown. 
Underwriter stance is again relaxed. 

Reasons for More2Life – higher LTVs (19%-55%) and faster loans through their Fastpath service.

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L&G Home Finance presentation

by Rob Miles and Chris Nown

Income Lifetime mortgage – much consumer research was undertaken before designing and launching the product.  Product has a fixed term of 10, 15, 20 or 25 years.  The shorter the term, the higher the monthly payments.  Up to 10% of the equity available can be taken as a lump sum up front.  If you ask for payments to cease, they cannot be recommenced.  If the term of 25 years gives you the income you need, then it’s suggested you always choose this option and cease payments when they are no longer needed.  The product simply converts the maximum equity loan available into equal monthly
instalments.

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hodge lifetime presentation

by Brad Street and Abenaa Afari

Background – the over 55s have £1.6 billion of property debt, £2.5 trillion of property wealth and 63% of the UK’s property wealth!

Product suite – Hodge cater for 55+ mortgages, and RIO, Hybrid and Lifetime mortgages

Entry age reduction – Hodge have reduced their entry age from 55 to 50.

BTL product – for Lifetime mortgages is coming soon for portfolio players, individuals or Ltd Co’s.

Website – please visit the Hodge website, resources section, for much Adviser help and support.

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Wills & LPA presentation

by Syd Martin of Finance Planning and Advanced Estate Planning

Referrals – Speak to all individuals concerned in a Will or LPA, i.e. executors, as they are all possible clients.

Guardians of children – they need to benefit from FIB policies effected by your clients.

Vulnerable persons – if you feel a client lacks capacity, refer them to their GP.

CIC – when selling this cover, we should also mention LPAs.

Discounted costs – full blown Will and LPA = circa £1,500 to Finance Planning.  It’s
suggested you increase the equity release loan size to fund this cost.

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Adviser discussions

chaired by Pete Burgess

Referrals – ensure you tell all clients, even FTBuyers, that you are a later life specialist and provide a brief explanation (they may have parents/grand-parents in need of advice).

Disclosure Documentation – we’ll create a bespoke later life document to present to clients, incorporating both lifetime mortgages and RIO/55+ mortgages.

Seminar – Syd to is progressing plans for his Later Life / Estate Planning / Investment
seminar planning for later in 2019.

Group Presentations – discussions jumped around everything from cruise ships to local organisations to the likes of U3A.

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