I have been considering doing equity release and been told to ensure any sheme is SHIP approved. What is SHIP and why is it important that any scheme is approved by them?
Safe Home Income Plan (SHIP) is a trade body established in 1991 by leading equity release providers, to raise the standards of equity release.
SHIP is dedicated entirely to the protection of planholders and the promotion of safe home equity release plans. Its members subscribe to their code of conduct which provides strict criteria that firms need to meet in order to be a member and for their literature to display the SHIP logo.
The reason why you should look for a SHIP approved plan is that all SHIP approved plans offer you the following guarantees:
- To allow you to remain living in your property for life.
- To provide you with fair, simple and complete description of the plan. This means that the benefits and limitations of the product together with any obligations on the part of the customer should be clearly set out in their literature.
- The right for you to move your plan to another suitable property without any financial penalty.
- Before any provider will release any money, your solicitor has to certify that they have explained the implications of the scheme to you and that you fully understand the risks and benefits of the scheme.
- All SHIP plans carry a no negative equity guarantee. This means that you will never owe more than the value of your home and that after any property is sold you can never leave a debt for beneficiaries to inherit.
For your reassurance we only advise and recommend plans which meet these standards.
How much could you release via a SHIP approved plan?
Apart from offering you valuable assurances SHIP approved plans also offer you some of the largest amounts available. Why not see for yourself by trying our free online equity release calculator.
Find out more about SHIP
If you would like to find out more about SHIP, visit safe home income plans.