What are SHIP endorsed equity release plans?

Bower Retirement Services recommends products endorsed by SHIP because they hold certain guarantees that are in your best interests. These guarantees are as follows:

  • No Negative Equity Guarantee – you or your family will never owe more than the value of your home
  • You will not lose your home and can remain there for as long as you wish providing it remains your main residence
  • No debt left to your loved ones
  • Cash released is tax-free
  • You can move to another suitable property without financial penalty
  • You can choose whether to receive a cash sum or regular income payments
  • There is no need to take a full lump sum in one go
  • You retain the right to select a solicitor of your choice. This solicitor will be made aware of the details of the benefits of your chosen plan before completion so they can provide you with an independent legal opinion before signing your SHIP certificate. This certificate ensures you are aware of the terms of the plan and the implications of it on your estate.