However, times have changed and plans have moved on.
The Equity Release Council, who have taken over from SHIP (safe home income plans) work to ensure that products are safe and accessible for consumers. Each member of the Council that provides equity release products is signed up to the Equity Release Council’s Code of Conduct which puts in place a number of safeguards and guarantees for consumers. This means that people who use equity release products offered by Equity Release Council members can have confidence in the products they use and the information they receive.
There are many reasons why a client may wish to use equity release mortgage, with the following just some of the reasons:
- Help children on to the property ladder
- Fund home improvements
- To provide a lump sum or income to supplement pension income
- To clear mortgage or other debts
Equity release is now a viable option for retirees to consider and should be investigated as part of your retirement options even if it is just to rule it out. Don’t let its past bad press affect what is now a legitimate retirement planning tool.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £250-£1000 depending on complexity.
Learn more about equity release products here