How SHIP Rules Give Extra Peace of Mind for Retired Homeowners with Equity Release Schemes in the UK

One particular aspect recommended by SHIP is to look at the equity release company

Key Facts Illustration, which your advisor is obliged to acquire when obtaining a personal quotation for you. This shows the effect of your loan interest rate when it is added to the original advance. Alternatively, if you are considering a home reversion scheme, the quotation will illustrate how much of your home you have sold in percentage terms. Also SHIP advises you to consider the long-term impact of house price inflation if values increase or decrease. In this context it would certainly seem helpful if you had access to calculators that illustrate the position of your equity release loan in relation to your various estimates of future house price values. Also it could be extremely useful to compare an equity release lifetime mortgage with a home reversion plan on a like for like performance basis.

How SHIP Rules Give Extra Peace of Mind for Retired Homeowners with Equity Release Schemes in the UK

By: shaun dalton

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