What is SHIP In Relation To Equity Release

SHIP which stands for Safe Home Income Plans is good news for people who take out an Equity Release plan. SHIP is a company supported by the leading providers of home Income and Equity Release Plans. It was launched in 1991 and is dedicated to protecting planholders and promotion of ethical Equity Release Plans.

All participating companies are pledged to follow the SHIP Code of Practice. Members display the SHIP logo in their brochures and other printed material as a guarantee to their customers.

The SHIP Code of Practice

• Companies subscribing to the SHIP Code of Practice undertake to provide a fair, simple and complete presentation of any home income plan they may offer you
  
  
• You will be given full details of your own obligations, commitments and rights under the plan, including security of tenure on your home for you and your partner (if applying jointly) for the rest of your lives
  
  
• You will be told what costs are involved, your tax position and the possible effect on your plan - of moving house and of changing house values, as well as the effect of the transaction on the value of your estate on death
  
  
• Your own solicitors will act on your behalf and look after your interests at every stage
  
  
• Before your SHIP scheme can be completed, they will be required to sign a certificate confirming the principal terms of the contract have been fully explained to you
  
  
• A SHIP plan guarantees that you cannot lose your home - whatever happens to the stock market or to interest rates
  
  
• Also, the SHIP code has been welcomed by Age Concern

SHIP Conclusions

Surveys carried out by SHIP member firms' point to over 98% of plan holders being happy with their plans. It is therefore strongly advised that you only do business with Equity Release providers that are members of SHIP. A table of current members is listed below.