The Equity Release Council is the industry body for the equity release sector. A major focus of the council is the protection of equity release clients and the promotion of safe home income and equity release plans.
All participating equity release companies that provide equity release products must:
- Ensure that you or the last equity release plan holder retains the right to live in the property for as long as you, or they, want.
- Grant the right to move to a suitable alternative without penalty (although a partial repayment may be required to keep the loan in proportion).
- Insist that you appoint your own Solicitor who must certify that they have explained to you all of the conditions of the loan before the provider will release any money.
- Guarantee that you cannot lose your home through equity release – whatever happens to the stock market or interest rates.
- Offer a no-negative equity guarantee.
The Equity Release Council also provides a formal procedure for handling complaints.
To visit the Equity Release Council website click here.