New Equity Release Advisory Firm Launched by JLM Mortgages

Wed, 24 Jan 2018

New Equity Release Advisory Firm Launched by JLM Mortgages
The mortgage and protection network JLM Mortgage Services, have launched a new equity release advice firm. Equity Release Mortgage Advice (ERMA) is JLM's newest expansion. Currently, it has five advisers, all of which can offer advice on equity release, standard mortgages and later life lending products.

ERMA has a fixed-fee structure, rather than one based on a percentage of a loan. A charge of £995 will only be issued by advisers at completion, rather than early in the process. By operating this way, JLM claims that this is a more "ethical approach" to charging fees in this sector.

JLM has also linked their advisors with ERMA. Advisors within the JLM network can refer and introduce cases to ERMA. Referrals would work on the basis on whether their clients require specialist assistance.

With a growing demand for equity release products, JLM is fully aware of the market they are expanding into. Figures released by the Equity Release Council state that £3.06 billion was released through equity release loans during 2017. As potential clients are looking to use their homes as an asset.

Although equity release loans are popular, it is important that older homeowners should receive effective advice on their lending options. Doing so will mean that they are able to choose which option for later life cover would be best for them and their circumstances.

The launch follows a pilot period. During which, ERMA says that older homeowners were interested in releasing equity or arranging loans for various reasons. For example, providing their children or grandchildren with a living inheritance. Doing this would help them move up, get onto the property ladder, or to help stay in their own home at the end of an interest-only mortgage term.

Mortgage Services Director at JLM, Rory Joseph said that it is important that ERMA will be a specialist advisory practice that "covers all product bases, not just equity release". Although equity release is popular, it isn't the most suitable option for everyone. However, when visiting another equity release advisor, clients won't get advise on other options.

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