A new body set up to promote the credibility of the equity release industry has been welcomed by Safe Home Income Plans (Ship).
Ship director general Andrea Rozario said that the creation of the Equity Release Solicitors’ Alliance is a “step in the right direction” for the sector.
She stated that Ship has always advocated the importance of independent legal advice to help borrowers decide on whether to take out an equity release agreement on homes as a method of managing debts.
Ms Rosario also noted that all solicitors working on such deals must sign a clause to declare they are independent of the lender.
Commenting on the launch of the new alliance, she said: “This show of dedication to equity release will be the first of many initiatives that will help to demystify the market and put equity release where it should be.”
Releasing equity in this manner can be a safe and successful way to create an income without moving out of a home, Ship advises.
By Jamie Price