This equity release product may involve a lifetime mortgage or a home reversion plan. If so, to understand the features and risks, ask for a personalised illustration.
Safe Home Income Plans (SHIP)
SHIP was established in 1991 as a body to promote a code of conduct for Lifetime Mortgages with the interests of homeowners in mind. The code outlines that the obligations, liabilities and costs to assets and estate should be clearly defined. The code also states that a provider accredited to SHIP must carry a ‘no negative equity’ assurance on the lifetime mortgage product you choose.
If you are considering using your home to raise money you should ask yourself 3 important questions:-
- Do I have the right to live in my property for life?
- Do I have freedom to move to a suitable alternative property without financial penalties?
- Will I receive either a cash sum or regular income payments?
If you take out a plan through a SHIP member you are guaranteed that the answer to each question is YES.