Who are the Equity Release Council?

How Can the Equity Release Council Members Help You?

The Equity Release Council is a Self-Regulated Non-Profit Organisation That Safeguards the Interests of Homeowners. They Represent over 180 companies.

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Equity Release Council

Who Are the Equity Release Council?

Listen up! You’re about to discover if equity release is truly safe.

With a troubled history fraught with scandal and debt, equity release hasn’t always been the best idea for retirees.

The question is, have things changed?

We’re here to help you discover:

  • The measures taken to protect the equity release market.
  • Who are the Equity Release Council and how they work.
  • Why it’s vital to select a regulated equity release plan provider.
  • The rules set out by the Equity Release Council.

We’ve spent hours studying over 28 regulated plan providers, summarised the crucial role of the Equity Release Council, and put together this comprehensive guide.

Itching to fully understand the role of the Equity Release Council? Find out NOW!

What You MUST Know

Before you continue reading, we’ve summed up what you need to know about equity release in this short video. Check it out!

What Is the Role of the Equity Release Council?

Great news, things are different to years gone by! With the formation of the Equity Release Council in 1991, the market became a whole new world.

The role of the Equity Release Council is to regulate equity release firms and protect the interest of the homeowner. 4 of their responsibilities include:

  • Offering you all the information you might require on equity release and its products.
  • They protect any consumer using equity release, and those who are considering releasing equity from their home.
  • They raise awareness on how equity release might be an ideal option after retirement.
  • In addition, they represent over 180 member firms and more than 500 people in the equity release industry, from financial advisers and lenders to representatives and surveyors.
The Council Regulates Legitimate Equity Release Providers

The Council Regulates Legitimate Equity Release Providers

The Equity Release Council is there to help you recognise the equity release companies to avoid:

  • Plan providers who don’t have a ‘no negative equity guarantee.’
  • Lenders who aren’t members of the ERC.
  • Providers who charge high interest rates.
  • Lenders who charge you very high repayments and who charge them early.
  • Equity release firms that give you large loan amounts before they even analyse your circumstances.

What’s Their Code of Conduct?

Its members also have to abide by a strict code of conduct:

  • The loanee has a right to remain in the habitation or property for life until they pass away.
  • The loanee will be offered clear, concise paperwork that includes all setup bills and residence values changes to ensure no confusion occurs.
  • The consumer’s representative preference steers any legal work. They then sign 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.”

Are you wondering what this means? Continue reading to find out!

What's a No Negative Equity Guarantee

What’s a “No Negative Equity Guarantee?”

This guarantee protects you so that your estate doesn’t have to pay more than what is owed to your equity release provider. However, when your lifetime mortgage plan comes to an end, the lender will sell your house and settle the loan amount plus any interest. Any additional funds will be a part of your final estate.

Great news!

If the estate market value decreases and the money can’t repay your mortgage, the lender won’t request more cash from your estate or heirs. Since you’ll be protected by the ‘no negative equity guarantee’, they aren’t legalised to do so. Therefore, consider the equity release company that will offer you this protection.

Got Questions? Check These Out First

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Who Are the Equity Release Council?

โœ…

What Are the Product Standards Set by the Equity Release Council?

โœ…

What Are the Equity Release Councilโ€™s Roles and Responsibilities?

In Conclusion

Spending time on working out your finances and retirement plan can be quite draining. Fortunately, there is the Equity Release Council who is there to protect you, should you take the route to release equity from your home.

The council will help secure you and your heirs from spending too much money on interest and losing unnecessary cash.

It is vital to use a regulated and top equity release provider, and also be aware of the equity release providers to avoid, in order to release equity in a safe, and life-changing way.

You can get in touch with your financial adviser today to start your equity release journey.

How Much Can You Release?

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Now, compare and save: Search over 200 equity release council approved plans and find the best deal for the amount of money that you need.

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
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I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
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Janus Kern
SovereignBoss client

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HOW MUCH EQUITY CAN YOU RELEASE?

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