SHIP, is a trade body and code of conduct that was created in 1991 to protect homeowners from the negative ramifications of some equity release schemes. Any lender that offers equity release plans can apply to become a member of SHIP so long as they adhere to their code of conduct. Acceptance by SHIP will allow the lender to display the SHIP Logo, a distinctive sign of security and peace of mind for those considering their equity release choices.
Download a Safe Home Income Plans Brochure
With SHIP, you get the guarantee that -
- You can never owe more than the property is worth when your equity release or home reversion plan becomes payable.This is known as the ‘no negative equity’guarantee.
- You can move home and take the loan with you without early repayment charges
- You will be instructed to receive independent legal advice about your equity release plan, and the provider will make all the relevant details available to that adviser.
- Have the right to receive simple and complete presentations of your equity release plan options. That means that it will be laid out in a format that you can easily read and understand, with all fees and charges clearly stated, and all terms and conditions easy to reference and see. It should also include tax implications, moving house position, and how house value changes will affect their loan.
- The right to remain in your home throughout your life, as long as it is a primary residence.
Equity release is an effective solution for many people and is more desirable when done through a company that is involved with Safe Home Income Plans – SHIP.
There are so many different equity release choices that some people might feel overwhelmed by the options. However, if you take advantage of the free consultation provided through our partnership with Key Retirement Solutions, your equity release advisor will provide you with equity release advice on all the equity release schemes and providers who are members of SHIP.