Safe Home Income Plans...

Safe Home Income Plans or SHIP for short is a voluntary trade organisation established in 1991 dedicated entirely to the protection of plan holders and promotion of safe home income and equity release plans.

All participating companies, apart from giving fair and simple details of the plan, must also:

• Ensure that you or the last plan holder retains the right to live in the property for as long as you wish.
• Grant the right to move to suitable alternative without penalty (although a partial repayment may be required just to keep the loan in proportion to any cheaper home).
• 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.
• Guarantees that you cannot loose your home – whatever happens to the stock market or interest rates.
• Offer a no-negative equity guarantee.
• SHIP also provides a formal procedure for handling complaints.

They have done considerable work in raising the standards of such schemes. Even though the Financial Services Authority will now regulate the selling and marketing of Lifetime Mortgages, SHIP will continue its good work and indeed, until the FSA regulates Reversion Schemes at some future date, SHIP will remain the sole trade body responsible for Reversion Schemes. 

IFM equity Release provide independent specialists in advising and arranging schemes offered by SHIP members.

If you would like further advice please complete our enquiry form and one of our trained consultants will contact you