equity release council members

* If you are in poor health you may be entitled to better terms with an … Think carefully before borrowing money to invest Your advisor will be happy to recommend a specialist solicitor. The Telegraph Equity Release Service is provided by Responsible Equity Release. those you wanted to benefit from the sale of your home when you die or go into long-term, end-of-life care. The Equity Release Council has published a Best Practice Guide to complement its checklist for advisers and support firms when discussing and documenting customer needs. Can equity release help? The one-day Summit is the landmark equity release event in the industry’s calendar, growing and developing year-on-year in terms of impact, recognition, … Home Read More » Nigel Waterson, former chairman of the Equity Release Council, said: Is equity release right for you? We rely on advertising to help fund our award-winning journalism. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205. The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. When considering an equity release plan we recommend customers talk to a specialist member of the Equity Release Council. Being members of the Equity Release Council gives these individuals access to knowledge, training and events for the Equity Release sector; ensuring the most up to date expertise. Which types of equity release schemes are right for you? As part of its new structure, the Council has instituted an Advisory Board, which comprises experts drawn from a wide range of sectors, including policy, academia, and communications. Its job is to do the following: Equity release is much safer now thanks to a number of policies introduced by the Equity Release Council. The Overarching Principles specify that members will: These Overarching Principles offer you and your clients peace of mind, and means your clients can use equity release products in confidence, knowing that they will be able to remain in their home for the rest of their lives, or until they enter long-term care. they own a valuable property but have a low income - to release equity from their home, giving them greater financial freedom as they get older. Seek to deliver suitable outcomes for customers from initial sale through every point of contact during the life of the product. It was created to promote safe equity release products and to safeguard the interests of homeowners. We're Members of the Equity Release Council Protect your beneficiaries The figures are an indication of the amount available, subject to full assessment and underwriting. Welcome to the official website for the Equity Release Summit The inaugural Equity Release Summit 2020 took place on Thursday 12 March 2020 at the grade II listed Church House Westminster conference centre. Try our free equity release calculator now, How to pay off a mortgage using equity release. Each member of the Council that provides equity release products is signed up to the Overarching Principles, to ensure that their customers are offered the best protection. The Equity Release Council has launched a Best Practice Guide to support firms when discussing and documenting customer needs. The Equity Release Council has launched a Best Practice Guide to help advisers ensure they cover all bases when speaking to clients and documenting their needs. Responsible Equity Release is a trading style of Responsible Life Limited. The guide has been produced by the council’s standards board, drawing on decades of experience from expert adviser members representing a variety of firms in the market. It “exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.” Lorraine Cox (pictured left) takes up the role of membership and business development manager to further support and add value to the organisation’s membership. Members are only allowed to tell their clients that a product meets these product standards if it meets all of them. In the guide extra focus is put on customers who may be vulnerable such as having physical or mental health issues, bereavement, divorce, emotional or financial issues, poor literacy or numeracy. What is an Immediate or Deferred Care Plan? The Equity Release Council has appointed several senior politicians to its newly formed Advisory Board. For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan, You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract. Are you a customer? The Equity Release Council. All firms advising on or selling equity release have to be regulated by the Financial Conduct Authority (FCA). All Equity Release Council-approved equity release providers require you to seek independent legal advice. With a lifetime mortgage, the UK’s most popular form of equity release, interest is charged on how much you borrow - and the longer you live, the more the compound interest grows. The most common ways are lifetime mortgages and home reversion schemes. The Equity Release Council say analysis of industry data by shows its provider members accounted for 95% of all equity release lending during Q1 2016, totalling £393.9 million. You should choose a product from a company that is a member of the Equity Release Council. Find a Member. Membership at Equity Release Council Our Membership Hub represents the interests of 90% of the Equity Release sector. Without the Equity Release Council, you could be putting yourself at risk with an unreliable plan. The Equity Release Council’s market statistics are compiled from member activity, including all national providers in the equity release market. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. For more information on Telegraph Financial Solutions click here. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. Consumers can convert the cash they release into a guaranteed lump sum, or a regular income, or a combination of both. This provides protection, security and access to the Financial Services Compensation Scheme if you ever need it. 3. Please refer to one of our specialist advisers. The Equity Release Council’s code of practice ensures that all member companies provide a full and easy to understand presentation of their plans. The Equity Release Council is urging to advisers to ‘respectfully and robustly’ challenge clients’ motivations when looking for lending solutions in its new Best Practice Guide, published today. A lifetime mortgage may also affect your entitlement to means-tested benefits, but an adviser can walk you through the impact of this before you decide to proceed. We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. What if I can’t pay off my interest-only mortgage? She brings over 30 years of financial services experience in marketing … 2. The Equity Release Council has made the double appointment of a membership and business development manager and public affairs manager. Originally launched in 1991, the Equity Release Council (ERC) is an organisation that is supported by the leading providers of equity release within the UK. In 2020 the council enjoyed membership growth of 16 per cent and approaches 1,400 individual members based in more than 560 firms. Ensure you use a company that's a member of the Equity Release Council. This latest edition was produced in July 2020 using data from customer activity during the second quarter of this year (April to June). Members of the Equity Release Council. Some choose to clear an existing mortgage or buy a second home whilst others release the money to spend on helping younger members of their family pay for education, weddings or mortgages of their own. There are two main types of equity release product; lifetime mortgages and home reversion schemes. Discover how much tax-free cash you could release with the Telegraph’s easy free equity release calculator. The Equity Release Council. With a lifetime mortgage the money you release is borrowed against the value of your home, and the mortgage (plus interest) is repaid when you die or go into long-term care, usually through the eventual sale of the home. The product must have a “no negative equity guarantee”. Visit wearejust.co.uk to find out more. Represent over 180 member firms and over 500 individual members in the equity release industry, from financial advisers and lenders, to solicitors and surveyors. The ERC works with the UK government to help make equity release a mainstream product, working to change the overall consumer outlook on the equity release market and driving membership of the ERC, which is open to advisers, valuers, and any industry professional that has an interest in the equity release market. Much like a traditional mortgage, equity release is fully regulated by the Financial Conduct Authority, their role is to protect consumers and ensure the financial market operates with integrity. Either way, your residency is guaranteed. In addition to being regulated by the Financial Conduct Authority, Plus Equity Release are also members of the equity release council. 1. Equity release may impact Pension Credit, Council Tax Discount and Universal Credit EQUITY release may be an appropriate option for those who are hoping to obtain some extra cash, but it … Equity release interest rates hit record lows in 2020, How to pay off a mortgage early using equity release, Provide all the information that you might need about equity release and related products, Safeguard and protect the interests of consumers who are considering equity release, or in the process of releasing equity, Raise awareness for equity release as a retirement income option. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more. Claire Barker, who is managing director at Equilaw and director at Thomas Legal Group, was recruited to the role of co-opted board member for 2020/21 following a ‘competitive’ selection process. A trading style of Responsible Life Limited charge an advice fee, currently not exceeding £1,490 I... Point of contact during the Life of the product must have a “no negative Equity guarantee” dependents,.... Ideally agree a fixed legal fee before proceeding clients that a product from a company that is a trading of. Our free Equity Release has launched a Best Practice Guide to support when. Double appointment of a membership and business development manager and public affairs.... Financial Conduct Authority, Plus Equity Release … the Equity Release Council the sale of your home when you orÂ... Firms when discussing and documenting customer needs trusted advice on all aspects of Equity Release how tax-free... 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