Industry-leading value,financial strength and exceptional service. Because of this, they will all come with certain product features. Responsible Lending will provide financial support to … Equity Release Advisers Brokers Equity Release LENDERS. Skip to the content. Menu. One of these, the No-Negative Equity Guarantee (NNEG), ensures you’ll never owe more than your home’s value. The Equity Release Council is the industry body for all things relating to equity release, and is a self-regulated, non-profit organisation. This means that, if the value of the property falls below the level of the debt, the company takes the hit and won’t pursue you or your estate for the shortfall. Please be aware that this will add to your legal fees, so we recommend that you shop around to obtain a quote" *. Taking good care of your clients is our priority. It'll reduce the amount of inheritance you can leave, and may affect your tax position and access to welfare benefits. Provider More2Life is similarly using semi-automated valuations for most of its product range, combining the local knowledge of a RICS surveyor. Our Equity Release Knowledge Hub is full of reports and documents from both the Council and the wider Sector. Information Hub. You don’t need to have fully paid off your mortgage to do this. My 80-year-old widowed Mother-In-Law purchased the property outright in 2002 and lives off the basic state pension. There are also options to protect a minimum sum for the purposes of inheritance. The lender ranked the top 10 reasons for an application decline. Equity Release Loans. The Equity Release Council has made the double appointment of a membership and business development manager and public affairs manager. Stephen Lowe, group communications director at Just Group, also said his firm had adjusted its lending criteria so that it could carry out remote desktop valuations. ... A specialist lender with more than 50 years’ experience in later life lending. All products that your Responsible Equity Release adviser will recommend will come from Equity Release Council-approved lenders, so you will benefit from all the safeguards that this assures. There are two types of equity release; Lifetime Mortgages and Home Reversion plans. Skip to the content Freephone Scottish Team 0808 … Equity Release may involve a lifetime mortgage or Home Reversion 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. Pure Retirement Equity Release. ... And, as a member of the Equity Release Council, your protection is our priority. Once instructed by the client or broker, the solicitor acting on behalf of the client will send out an initial questionnaire requesting further information. See reviews, photos, directions, phone numbers and more for the best Real Estate Loans in Carthage, MO. The concept of the Equity Release Council is to manage and supervise the Equity Release Industry, setting up agreements, rules and regulations that are fair to both the lender and the homeowner. Any members of the Equity Release Council (ERC) must also adhere to their standards. Speak to an independent mortgage broker or financial adviser with an equity release qualification to find the best deal. The Old Rectory Equity release lending criteria are based on the value of the property increasing over time and they focus on issues that could affect the value or saleability. A provider is a firm which is authorised by the financial services regulator to provide regulated lifetime mortgages and/or home reversion plans. There are two models, face to face and telephone advice, both aimed at protecting the interests of the customer leading to the most appropriate and correct solution for each individual enquiry. Prior to FCA regulation, many lenders signed up to Equity Release Council (ERC) formerly known as Safe Home Income Plans ( SHIP ), a voluntary code of conduct that provides a number of guarantees. We have selected some of the latest and most relevant Equity Release news from across the sector for you to read. Let’s look at the lifetime mortgage lenders. Equity Release Advisers Brokers Equity Release LENDERS. Equity Release Council publishes best practice guide for advisers. 2) J-HAP Frequently Asked Questions. A specialist lender with more than 50 years’ experience in later life lending. Providers may offer products which do not comply with all of the Standards, so long as they explain this clearly to the customer. However, this will always be subject to the new property meeting the providers lending criteria as well assessing the value of the new property. The Council specifies Product Standards with which it requires its members’ products to comply. Additionally, there is an Paul Bridgwater, head of lending proposition at OneFamily, said the lender wanted to enable applications for its lifetime mortgages despite current restrictions, and adjusted its processes so that customers can complete its lifetime mortgages “completely remotely.”. 3) Personal Information Required for J-HAP Application. Equity Home Loan Rate in Carthage on YP.com. She is now thinking of releasing some equity to help with her quality of life and health issues and we were advised to look into the possibility of Equity Release. The company is owned by its founder Mark Gregory, a financial services professional with over 20 years’ experience in equity release and we now have a national network of over 50 advisers – which we are looking to expand. All of our members have agreed to abide by the Council rules and have signed up to the Statement of Principles. We have selected some of the latest and most relevant Equity Release news from across the sector for you to read. Equity release. 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. NN6 8SN. Lifelong banking customers are fed up of their treatment after they have reached a certain age. How home equity release works 'Equity' is the value of your home, less any money you owe on it (on your mortgage). Equity release is a way of unlocking some of the value of your home and turning it into a tax-free, cash lump-sum. No negative equity guarantee. Rates and charges are always clear. Canada Life has also moved to remote valuations for one of its product ranges, ‘Lifestyle Options’, while it works with its funding partners to reach a solution on its other ranges. It can affect your benefits. You can find one at Unbiased.co.uk, VouchedFor or the Equity Release Council. *Equity Release Council … The Scottish Widows lifetime mortgage has been designed to help customers unlock an initial lump sum with the option of drawing down further sums at later dates. We release equity on more property types than many other lenders. Lifetime mortgages are by far the most popular types of equity release schemes. Just Retirement Equity Release. All lenders that are members of the Equity Release Council must permit this. Under Equity Release Council standards, different solicitors must be employed on behalf of the client and the lender. Some say if the lender exits the market, then that’s it.” Many of the biggest equity release lenders have clauses that allow them to deny customers access to further funds. We’ve compared equity release providers below to help borrowers decide if they prefer to use a high street name or a specialist lender. However, older people may wish to release equity from their homes to pass on money to grandchildren before their death, and it can be a useful tool in inheritance planning. Can anyone possible help with some advice on Equity Release on an ex-council flat. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. 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. Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. © The Financial Times Ltd 2020 "FT", "Financial Times" and "FTAdviser" are trademarks of The Financial Times Limited and their associated companies. In the guide extra focus is put on customers who may be vulnerable such as having physical … The Equity Release Council is a not for profit organisation that is recognised as the industry body for equity release. From today (April 29) Aviva will be offering remote valuations for certain initial loan applications and additional borrowing for its equity release products. A spokesperson for Aviva said it would be communicating full details of the remote valuation process to advisers on the day. Website: www.gatewaysurveyors.co.uk. There are also no required monthly payments and lifetime mortgages from Equity Release Council-approved lenders come with multiple safeguards. 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