The SHIP Equity Release Guarantee Explained

Safe Home Income Plans, otherwise referred to as SHIP, was launched in 1991 as a way of protecting the equity release industry and all of its consumers. Protecting you, the consumer, was and still is at the heart of its formation, which is why the SHIP equity release guarantee was developed.

SHIP equity release plans offer the following guarantees to those homeowners taking out a lifetime mortgage or home reversion plan:

  1. They may stay in their property for life providing it stays their main residence
  2. They are entitled to a fair and simple outline of their lifetime mortgage or home reversion plan
  3. They may move their plan to another suitable property without incurring any financial penalty
  4. They retain the right to use an independent solicitor of their own choosing to take care of the legal work involved and to sign the SHIP certificate
  5. They have the protection of the SHIP certificate which ensures they are aware of the terms and implications of the equity release plan
  6. They have the protection of a no negative equity guarantee which means they will never owe more than the property is worth

By choosing an independent equity release adviser who only recommends SHIP equity release schemes or those which carry the same guarantees, you will have peace of mind in all of these areas. Homeowners particularly feel confident in the fact that they will never lose their home or owe more than it’s worth, but of course the other SHIP guarantees are all highly beneficial.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.

Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email info@brsequity.co.uk or call 0800 4118668.