The Importance of Working with an Equity Release Council-Registered Adviser: Safeguards and Standards Explained

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If you’re a homeowner aged over 55, you may be considering equity release as a way to unlock the value of your property and access a cash lump sum or regular income stream. Equity release can be a valuable financial solution for many older homeowners, but it’s important to understand the risks and benefits before making a decision.

One way to ensure that you’re getting impartial, expert advice is to work with an adviser who is registered with the Equity Release Council. In this blog post, we’ll take a closer look at what the Equity Release Council is, what they do, and how they can help to safeguard customers taking out equity release…

What is the Equity Release Council?

The Equity Release Council is a trade body for the equity release sector, representing lenders, advisers, and other professionals involved in the industry. The Council was established in 1991 as the Safe Home Income Plans (SHIP) organisation, and it changed its name to the Equity Release Council in 2012.

The Equity Release Council sets standards and guidelines for the equity release market, and works to promote awareness and understanding of equity release among consumers and other stakeholders. Members of the Council must adhere to a strict code of conduct, which is designed to ensure that customers are treated fairly and that their interests are protected.

Why use an adviser who is registered with the Equity Release Council?

If you’re considering equity release, it’s important to work with an adviser who is registered with the Equity Release Council. This will ensure that you receive impartial, expert advice from a qualified professional who has your best interests at heart.

Advisers who are registered with the Equity Release Council must meet a range of standards and requirements, including completing regular training and continuing professional development, and adhering to a strict code of conduct. This ensures that they have the knowledge and expertise to provide high-quality advice and support to customers taking out equity release.

Working with an adviser who is registered with the Equity Release Council can also give you peace of mind that your interests are being protected. The Council sets standards and guidelines for the equity release market, and it works to promote awareness and understanding of equity release among consumers and other stakeholders. This means that you can be confident that you’re getting reliable, trustworthy advice and support from a qualified professional.

How does the Equity Release Council safeguard customers taking out equity release?

The Equity Release Council has a range of safeguards in place to protect customers taking out equity release. These safeguards are designed to ensure that customers are treated fairly and that their interests are protected at all times.

One of the key safeguards is the “no negative equity guarantee”. This guarantee ensures that customers will never owe more than the value of their property, even if the property’s value decreases over time. This means that customers can be confident that they won’t be left with a debt to repay if their property doesn’t sell for the expected value.

Members must also provide customers with a detailed breakdown of all costs and charges associated with equity release, so that they can make an informed decision.

In addition, the Equity Release Council requires members to provide customers with clear and impartial information about the risks and benefits of equity release, so that they can make an informed decision. Members must also ensure that customers receive appropriate legal and financial advice before taking out equity release, to ensure that they fully understand the implications of the decision.

Conclusion

Equity release can be a valuable financial solution for older homeowners who are looking to unlock the value of their property. However, it’s important to understand the risks and benefits before making a decision.

Working with an adviser who is registered with the Equity Release Council can help to ensure that you receive impartial, expert advice that is tailored to your individual needs and circumstances. The Equity Release Council sets standards and guidelines for the equity release market, and its members must adhere to a strict code of conduct that is designed to ensure that customers are treated fairly and that their interests are protected.

In addition, the Equity Release Council has a range of safeguards in place to protect customers taking out equity release, including the “no negative equity guarantee” and detailed breakdowns of costs and charges. These safeguards help to ensure that customers can make an informed decision about whether equity release is right for them, and that they are protected against unexpected risks or costs.

Overall, if you’re considering equity release, it’s important to work with an adviser who is registered with the Equity Release Council. This will give you peace of mind that you’re receiving impartial, expert advice from a qualified professional who has your best interests at heart. And with the Council’s range of safeguards in place, you can be confident that your interests are protected at all times.

Find out more about Later Life Lending and contact our Later Life Lending team here.

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