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The Role of SHIP in Governing Equity Release Plans
20/05/2010
Safe Home Income Plans (SHIP) was formed in 1991 to protect consumers who take out equity release policies, either as a lifetime mortgage or as a home reversion plan.
SHIP's main objectives are: - Protection of consumers through code of conduct
- Provide information on how the equity release process works and to increase the awareness of the safeguards in place
All providers of equity release must adhere to the SHIP code of conduct. Members are to display the logo in their company brochures and other marketing material; this offers a guarantee to their customers.
The SHIP guarantees go above and beyond the cover provided by the FSA. Members are to ensure that all products meet customer expectations and requirements.
If you are a SHIP member then this guarantees a customer the following: - For the rest of your life, the right to remain in your home
- Plans presented represent an accurate description; in simple terminology
- The customer has the right to appoint an independent solicitor
- Clear understanding of your assets and estate when taking out an equity release plan
- Guarantee of no negative equity
- Interest rates are capped or fixed
- Access to a fully qualified equity release advisor
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