Equity release plans have carried a bad name for years with horror stories of pensioners being thrown out of their homes for not paying ludicrous interest payments.
SHIP (Safe Home Income Plans) is an organisation that makes sure their members' equity release plans are safe and that there are no hidden pitfalls for people taking them out. Everything must be explained clearly and there must be no chance of falling into negative equity.
Basically, the maximum that can be taken by the equity release company on your death is the value of your home. This means no nasty shocks for your relatives.
The Portman Building Society has just joined SHIP taking the total number of member companies to 12. There are a number of companies offering equity release products that are not members of SHIP so make sure and check, if only for your peace of mind.
Tip: If you are considering equity release or any form of home reversion scheme take independent advice. There are a number of options open to you and it is important that you look at them all before making a decision.
Contact us if you would like to discuss your options.
Why not visit the client centre and download a free free fact sheet on the subject?