SHIP, or Safe Home Income Plans, was set up in 1991 and was relaunched as the Equity Release Council in May 2012. SHIP was dedicated entirely to the protection of customers and promotion of safe home income and equity release plans. As with the Equity Release Council, membership to SHIP was entirely voluntary, but members would have to follow a strict code of conduct to ensure customer safety.
There were many benefits of the SHIP scheme, which have been elaborated on with the recently launched Equity Release Council:
- Members of the scheme provide fair, simple and clear information.
- A no negative equity guarantee which means that you (and your estate) will never owe more than the value of your home.
- All legal work will be carried out by an independent solicitor of your choice who will be required to sign a certificate confirming the scheme has been fully explained to you and that you have been made aware of the risks and benefits of the scheme.
- The SHIP certificate will clearly state the costs to your assets and estate.
- The right to live in your home for the rest of your life.