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The Equity Release Council is the UK's equity release industry body that sets standards to protect consumers. Its members commit to following a set of five product standards: fixed or capped interest rates (for lifetime mortgages), the right to remain in the property, the right to move to another property, the ‘no negative equity guarantee ...
On 4 February 2024 The Sunday Times published an article written by Ali Hussain: "Victory for families whose unfair loans cost them their homes". It says that the Bank of Scotland has backed down at the last minute from defending its sale of an "unfair"equity release scheme (shared appreciation mortgages) in court. [46]
SunLife is regulated by the Financial Conduct Authority [4] and their qualifying products are covered by the Financial Services Compensation Scheme. The company is a member of the Data & Marketing Association. [5] Their partners are also members of the Equity Release Council (Key Group) [6] and the Funeral Planning Authority (Dignity Funerals). [7]
Reverse mortgages allow older people to immediately access the equity they have built up in their homes, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. The rising loan balance can eventually ...
Where an interest-only mortgage has a fixed term, an interest-only lifetime mortgage will continue for the rest of the mortgagors life. These schemes have proved of interest to people who do like the roll-up effect (compounding) of interest on traditional equity release schemes. They have also proved beneficial to people who had an interest ...
Move over, Gen Z: Boomers steal the spotlight on social media, proving ‘being over 50 isn’t scary’ — all while securing brand sponsorships to swing a little extra cash for retirement.
Here are some countries still happy to become new homes to relocating people over 50. Editor's Note: This story was updated in March 2024. Myriam Munoz/istockphoto. New Zealand.
There are many uses of the term "Equity Sharing" in the UK, often applied to different forms of Low Cost Home Ownership schemes. These include equity loans, sometimes referred to as Equity Sharing Loans, and some forms of Shared Ownership (part buy/part let) leasehold schemes being referred to as an Equity Sharing Lease.