It is fair to say that the equity release market of today is safer than it has ever been. Both Lifetime Mortgages and Home Reversion Plans are now protected by the industry watchdog the FCA (Financial Conduct Authority).
Financial Advisers who practice advising on Equity Release must now also have specific qualifications in this specialist field.
The market is also protected by an industry body known as SHIP (Safe Home Income Plans). Set up in 1991, SHIP is dedicated entirely to the protection of plan holders and promoting only safe equity release plans. Their Code of Practice has been welcomed by Age Concern.
Responsible financial planning considers the safety of it’s customers as paramount. As such, we will only recommend a plan that has met all the standards and guarantees set by the Equity Release Council.
Some of these guarantees are as follows:
- The right to remain in your home for as long as you choose.
- The freedom to move to another property without financial penalty (subject to lenders’ criteria).
- That you will never fall into negative equity no matter what happens to house prices in the future.
- Independent Legal Advice from a solicitor of your choice.