Equity Release Council launches adviser education course with Canada Life
By Roger Baird 23
rd February 2021 10:50 am
The Equity Release Council has launched six educational modules to aid the development of financial advisers in the equity release and later life lending market.
The modules provide an educational syllabus with three pathways based on advisers’ levels of experience.
The council has worked closely with specialists across the sector, including Canada Life which played a leading role in developing the six modules, which have each been piloted among advisors.
The modules cover the areas needed to advise consumers effectively: understanding the industry, market, clients, soft skills, products, and industry processes.
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How do we decide which equity release products get the best rating?
For over 30 years, Moneyfacts has been helping people to find the best financial products. Every year our in-house money experts cast their eye over all the equity release products available to the UK market, using their in-depth knowledge to determine those that truly represent the best solutions.
Our impartial equity release ratings look at the most important features, charges and benefits of each product. For equity release, we evaluate over 35 individual elements to determine which products stand out from the rest of the pack.
Below, we’ve detailed which elements we look for when it comes to our whole of market assessment for equity release products.
There are three main ways for homeowners to release cash tied up in their home:
Equity release – such as a lifetime mortgage
A remortgage or additional borrowing from your existing lender
The best way to release cash from your home will broadly depend on your personal circumstances, such as your age, your current loan-to-value (LTV), how quickly you need the cash and your ability to meet monthly repayments.
If you are 55 years old or over and think you could have issues meeting the affordability requirements of a mortgage or secured lender, then equity release may be a starting point for you. The most common form of equity release is a lifetime mortgage. This allows you to borrow money using your home as security but does not require you to pay this back until you either enter long term care or pass away. Your home is then sold to repay the debt back to the lender. And, if you use a lender registered with the Equity Release Council then there is a ‘no negative equity guaran
According to a report published by the Equity Release Council (ERC), the impact of COVID-19 has resulted in 67% of over 50s outlining that they intend to receive care at home in the future.
The report, entitled ‘Solving the social care funding crisis: perspectives on the contribution of property wealth’, was published with Pure Retirement and My Care Consultant, and noted that 63% of over 50s are now concerned that care is too expensive.
In addition, 64% believe there is a lack of pubic funds towards care and 57% outlined that it is not fit for purpose.
Three in five (60%) of over-50s said they are fearful of having to move into residential settings.
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