Who are the Equity Release Council?
The Equity Release Council is a self-regulated non-profit organisation that safeguards the interests of homeowners and specialises in all things equity release-related. It was initially recognised as Safe Home Income Plans, or SHIP until it was re-launched in 2012 and broadened its reach from equity release providers to financial advisers. Its roles include:
- Offering you all the information you might demand on equity release and its products.
- Protecting the consumer using or considering taking out an equity release.
- Raising awareness on how equity release might be an ideal option after retirement.
- Representing over 180 member firms and over 500 people in the equity release industry, from financial advisers and lenders to representatives and surveyors.
Its members also have to abide by a strict code of conduct:
- Loanee have a right to remain in the habitation for life.
- Loanee will be offered clear, concise paperwork which includes all setup bills and changes in residence values.
- The consumer’s representative preference steers any legal work. Then he signs a certificate stating that the plan has been clarified and its clients comprehend the risks.
- The client can move their plan to another property without penalties.
- Equity Release Certificate defines the cost to the client’s asset and estate.
- Equity Release carries a “NO NEGATIVE EQUITY GUARANTEE.”
