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How Safe is Equity Release?

There are a variety of safeguards that are in place to ensure that when entering into an equity release plan you are fully protected.

FSA www.fsa.gov.uk

The Financial Services Authority (FSA) regulates Lifetime Mortgage and Home Reversion Schemes which means there are clear rules on how we treat our customers fairly and ensures that are full complaints and compensation procedures in place. At Equity Advice Line we are regulated by the Financial Services Authority as are the lenders and providers for the equity release schemes which ensures you are fully protected.

SHIP (Safe Home Income Plans) www.ship-ltd.org

To guarantee your safety Equity Advice Line will only recommend Equity Release schemes from providers and lenders who follow the Safe Home Income Plan code of conduct, or from companies that adhere to the standards and offer the same guarantees.

The SHIP code includes;

A "no negative equity guarantee" which means that you will never owe more that the value of your home and that the debt dies with you so the payment of any negative equity guarantee cannot be left to your estate.
You will be provided with a SHIP certificate which is signed by the solicitor and is there to ensure you are aware of the terms and implications of the plan including the impact of equity release on your estate.
The client's legal work will always be performed by the solicitor of his or her choice. The firm must provide the solicitor with full details of the benefits their client will receive prior to the completion of the plan. The solicitor only signs a certificate once he or she is satisfied that their client fully understands the risks and benefits of the plan.
The members of SHIP will only provide a fair, simple and complete presentation of their plans. This means that the benefits and limitations of the product together with any obligations on the part of the customer are clearly set out in their literature. It should include all costs that the customer has to bear in setting up the plan as well as the tax implications, their position on moving house and the effects of changes in house valued on their loan.
To allow customers to remain in their property for life provided the property remains their main residence.
The right to move their plan to another suitable property without any financial penalty.

Before you enter into an equity release scheme it is important that you are aware of all of the implications involved. Below are examples of some of the points you will need to consider;

Eligibility for means tested benefits may be affected
Your tax position
The value of your estate may reduce as might your options for moving or selling your home in the future.

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What is Equity Release? Benefits of Equity Release How Safe is Equity Release? Why Choose Equity Advice Line?

Equity Release Schemes will reduce the value of your estate and may affect your entitlement to state benefits.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks ask for a personalised illustration.
Equity Advice Line is registered in England and Wales, company Registration number 6391398, is directly authorised by the Financial Services Authority, FSA number 485022.
Our typical fee is £495 paid on completion and we will also be paid commission by the lender/provider. We also offer the choice of a fee only option where you will pay a higher fee and the commission paid by the lender/provider is refunded back to you. Consumer Credit Licence number 624653.