Much has changed in recent years to modernise and improve the equity release market, including the role taken by the trade body Safe Home Income Plans (SHIP), which aims to protect consumers thinking of releasing equity from their homes.
SHIP (launched in 1991) assesses providers' products and ensures those it approves have the following guarantees:
- you will never owe more than the value of your home (the 'no negative equity' guarantee)
- you have the right to remain in your home for life, provided it remains your main residence
- you will be able to move to a new home and keep your equity release plan in place without penalty*.
Just Retirement is a member of SHIP.
*Subject to the new home providing suitable security.
Useful links Moneyadviceservice.org.uk - unbiased information on equity release
Safe Home Income Plan (SHIP)