The status of equity release has dramatically changed over the last few years. In response to a few, crucial factors, financial institutions have both increased the number and the variety of products available in this field, and coupled with trends in today's interest rates, now might be an excellent time to rethink your old equity release plan.

If you retired several years ago and you took out an equity release plan at this point, it is likely that you have remained with one of the original service providers. At that time, there will have been only a couple of companies from which to choose; now however, things are different.

There are myriad financial institutions offering a diverse range of equity release policies. This variety has bred fierce, inter-establishment competition, and the result of this is good for you. If you were to go shopping for equity release right now, you would find that there are many schemes on offer today that are significantly better than your old plan. Before you make any changes, however, you will want to check things out with your remortgage solicitors.

Good, independent advice is absolutely crucial if you are considering switching your equity release policy to another company. Find an appropriate advisor with a full set of relevant qualifications to assess the move: this will allow you to determine whether it is a good idea or not.

In the current financial climate, you may find that changing your old equity release policy is a good idea. However, before you make any big decisions, you will need to talk things through with a qualified professional.