What should I know before I proceed?

SEQUAL members make it their business to ensure you are fully informed before making any decisions about equity release.

SEQUAL members will also strongly encourage you to seek independent financial advice from a qualified adviser, paying particular attention to any affect that equity release might have on any Centrelink entitlements.

It is also recommended you talk to family members about the possible use of equity release.

Most importantly, SEQUAL members will need to know that you have obtained independent legal advice on the specific equity release transaction you are entering into. The equity release provider will provide the solicitor of your choice with full details, and clearly and accurately list all costs, so you have the benefit of fully informed legal advice before making any decision.

If you are considering a reverse mortgage, one of the first things a SEQUAL member will show you is a web-based tool hosted by the Australian Securities and Investment Commission. The purpose-built forecasting tool shows you how the balance of a reverse mortgage could increase over the years. It factors in all kinds of 'what ifs' such as changes in interest rates and property prices.