... one of the Equity Release Council standards states if the interest rate is variable there is an upper-limit ‘cap’. The new smarter portal fits around your business needs by providing you with 24/7 access and the flexibility to support your clients when they need you most. Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. A lifetime mortgage is a type of equity release only available to homeowners aged 55 and over. They will review your personal circumstances and see if there are any possible alternatives. News and expert analysis straight to your inbox. Equity release is becoming more and more popular in later-life planning. Equity release is becoming more and more popular in later-life planning. Membership Fees - Financial Advisers. We also recommend that your adviser is a member of the Equity Release Council. We release equity on more property types than many other lenders. There are two models, face to face and telephone advice, both aimed at protecting the interests of the customer leading to the most appropriate and correct solution for each individual enquiry. If you're close to 55, you may feel like you're in a position where you can wait until then. Professional Adviser is once more issuing the call for adviser businesses from across the UK to showcase their knowledge, skills and commitment to client care by entering our 2021 Awards. This protects the providers in ensuring the product being recommended is best advice for their customers needs. Equity is the UK trade union that represents performers and creative practitioners working across the entertainment industry. 1. There are a number of qualifications relating to equity release, … He is well known in the sector, having worked in equity release advice since 1998, most recently at Key Retirement Solutions. Proc fees on equity release can be anywhere between 1 and 2.25 per cent, reflecting the fact the research process is more time-consuming than that for mainstream home loans. Equity release … The Society of Later Life Advisers (SOLLA) is launching a new standard to help consumers find specialist equity release advice and broaden the skill set of the average adviser. After deciding this was an area I enjoyed more than pensions, I was successful in becoming an Equity release Sales Consultant in September of 2018. © 2019 Metropolis Group Holdings Limited and / or its subsidiaries and licensors. The level 3 Certificate in Equity Release meets the FCA’s requirement for mortgage advisers and those advising on equity release schemes. The average amount rose […], Stuart Wilson offers some key insights into equity release and later-life lending. Only advisers holding membership of the Equity Release Council promise to follow our stringent Statement of Principles for your added peace of mind. He says: “We help the adviser understand all the relevant elements so they are well rounded. Some of the networks, for example, will only allow advisers to carry out equity release business if they have a certain minimum number of cases a year. Mr Wilson said adviser firms also received commission from equity release lenders as a percentage of the loan size, meaning they did not need to charge customers in this way as well. You may also receive benefits such as a car allowance, pension and bonuses and have the potential to boost your pay with commission. Is equity release for me? Register today to receive our range of news alerts including daily and weekly briefings. Key Retirement passes 50 per cent of the procuration fee it receives back to the broker when referrals complete. Welcome to our equity release exam-revision support. The broker has already signed a deal with a major trade union, as yet unnamed, to provide equity release advice to its members. It helps you build your business, service clients and generate sustainable income. He says: “This is a specialist field, in which many clients are potentially vulnerable, which is why the current trend to seek work in the sector concerns me. Job Title: Equity Release Adviser Industry: Financial Planning Location: Leicestershire … They are looking to recruit an experienced Equity Release Adviser to join the equity … for a confident relationship builder and equity release adviser to develop a long-term … Speak to an independent mortgage broker or financial adviser with an equity release qualification to find the best deal. The Equity Release Council’s figures show homeowners withdrew £10 million in housing wealth every day in Q1 this year compared to just over £4m a day over the same three months of 2016. To find out more about Sue’s journey to becoming an equity release adviser and her first year in … With any form of equity release, have your independent financial adviser or mortgage broker explain the risks to you in detail, including how much it could cost your family in the long term, and whether downsizing might be a better option. Taking out equity release essentially means borrowing the equity you’ve built up in your home through paying off your mortgage. However, if your specific situation calls for equity release, the adviser will recommend it to you. If you continue browsing, we assume that you consent to our use of, FCA redefined retirement interest-only mortgages, Equity release consultation paper raises industry heckles, Equity release totals almost £10 million a day, Five things you should know about… equity release and later-life lending. Total distribution to investors nears £2.5bn. There are no repayments to be made as the equity (usually up to 40% of the property value) is reclaimed by the lender on your passing, or that of the second applicant, whichever is last. Simon Chalk, of adviser firm Later Living Now, said customers should also ensure their adviser is independent and can offer equity release plans from across the market. Being … As such, we’re organising another round of our in-demand workshops for 2019, supporting those who aren’t yet qualified to get the training they need to tap into the product’s growing popularity." But those with experience of equity release advice say passing exams is just the beginning; achieving and maintaining real competence takes far more time and effort. More and more people will need to release equity in one way or another. This is the case even if the debt has become larger than the property value. Lifetime mortgages are becoming increasingly common as more consumers look to release the cash locked up in the value of their home. To understand the features and risks ask for a personalised illustration. Access Equity Release is currently a trading style of YMD, but there are plans to spin it off into a separate company. We strongly feel that there is a potential horrible consumer danger, and I’m playing devil’s advocate here, that customers could get advice on a retirement interest-only mortgage without getting information about equity release, hybrid solutions or bridging finance.”. Only registered users can post comments. If an application is received without advisor details, it will be returned or the client referred to where they can find an equity release advisor, for example the Equity Release Council website. Set up a meeting with an adviser and ask appropriate questions to help you make up your mind. As part of the Budget speech, the chancellor announced the launch of a formal consultation on the structure of UK pensions tax reliefs. Equity Release Council Guarantee. Equity Release Equity Release Surrey, Croydon, Epsom, Reigate & Sutton & Surrounding Areas Equity Release is way to unlock money tied up in your home for people over 55. Otherwise there’s a danger that, if they work in silos, they will ignore other product areas to the detriment of their client, which could have drastic ramifications.”, Wilson is also concerned that advisers who offer retirement interest-only mortgages to their clients should have a similar awareness of these issues. This compares to the £1.25bn of property wealth that was released within the same period last year – 37 per cent growth. Equity Release Supermarket – founded by Mark Gregory in 2008, in a few years has grown to become one of the leading equity release advisory services. ... "First and foremost, it is important that you speak with a qualified adviser who belongs to the Equity Release Council. Are you seeking an Equity Release Advisor position in Scotland to work with an established … In this Equity Release Advisor role, you will be passed enquiries from various sources … Equity Release Requirements Must be a current Equity Release Advisor within minimum 12 … Equity Release Advisor Benefits Self-employed role with OTE of £55,000 To help Equity … Before the meeting takes place you should double check that the equity release adviser is regulated by the Financial Conduct Authority and is permitted to advise on equity release. However, the advice from those already experienced in this market is clear: tread carefully and, if in doubt, seek partnerships with other skilled professionals who can help to guide you along the way, The Equity Release council has released lending figures for Q2 this year, showing that homeowners released a total £971m from April to June. One firm venturing into this arena for the first time is Your Mortgage Decisions, which Mortgage Strategy can exclusively reveal has just launched a specialist arm called Access Equity Release. Stelfox joined as an adviser development manager to run the telephone-based advice team. to improve your user experience. When you sign up for equity release, you either borrow money against the value of your home or sell a share in it to a company in return for the right to continue living there. […], Proposals set out by the Prudential Regulation Authority concerning capital requirements for companies providing equity release mortgages have raised concerns in some industry quarters. But even for those brokers who decide against taking these extra exams, there are plenty of referral opportunities that will generate an extra income stream while also ensuring that clients get the most appropriate specialist advice for their needs. You can get a very good idea of how much equity you can release by visiting the Moneymapp.com website and filling out the equity release calculator. Gain a better understanding of equity release regulation. Simply click on the chapter you’re interested in to review the revision materials. Our new Equity Release portal provides you with 24/7 access, allowing LV= to fit around your business needs and help you be as flexible as possible with your clients. “The equity release sector is booming, and at Canada Life we have a key role to play in helping mortgage advisers meet this demand and make the most of the market’s growth. But there remains debate on whether brokers can provide the best advice to borrowers without analysing the products alongside lifetime mortgages. Apply to Equity Release Adviser jobs now hiring on Indeed.co.uk, the world's largest job site. It can affect your benefits. The amount you will earn once you become a financial adviser depends on the career path you choose. There are two options – either the Certificate in Regulated Equity Release from the London Institute of Banking and Finance (formerly the Ifs school of finance) or the Certificate in Equity Release from the Chartered Insurance Institute. Independent financial adviser firm Hoxton Capital Management, which crunched up the numbers, said that these calculations take into account the average equity release cost at … ... Find an adviser with an equity release qualification on the Equity Release Council member directory opens in new window. Plenty of brokers prefer to refer business onto a specialst. This marks 12 per cent more activity than in Q1, and 39 per cent year-on-year, and in terms of total customers served, a quarterly rise of 9 per cent (18,586 to 20,326). Areas of Expertise I have quickly picked up our processes and lending criteria and am fully confident with supporting advisers with lending enquiries. However, if you're a homeowner in more pressing need, it's worth speaking to a mortgage broker about the possibility of remortgaging, or even contacting a financial adviser if your situation is particularly complicated. With experience, you could manage a team of mortgage advisers, or you could choose to become a self-employed independent adviser. When I asked if he had any family nearby, he said his parents lived just around the corner and it dawned on me how very, very careful we need to be when working in this important area of financial services.”, Few in the industry would deny the growth potential that good equity release advisers look set to enjoy. Advisers recommending equity release products must also have a specialist qualification in equity release. The Equity Release Advice Centre are members of the Equity Release Council. If you continue browsing, we assume that you consent to our use of cookies. Advisers should be honest with you about this loan. It is about taking the time to make sure that you provide what the client needs and deliver the right advice.”, He is ambitious for the new venture. 3. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. We want to be a top-ten equity release adviser in six to 12 months, and then top five as soon as we can after that.”. You may also receive benefits such as a car allowance, pension and bonuses and have the potential to boost your pay with commission. Delivered online over two half-day sessions, the Multi-Asset Masterclass will look to provide a case for multi-asset investing as well as an outlook for the sector over the year ahead. Applications from Adviser firms are welcome subject to the following criteria. The study materials and exams cost a few hundred pounds in total, with the LIBF exam at £200 and the CII option at £190. Our website uses cookies to improve your user experience. Equity release requires paying off any existing mortgage. Membership Fees - Financial Advisers. Broker: LV= Adviser Survey Reveals Equity Release is Becoming the Norm 3 October 2019 alastair walker News 0 As governments of all political hues seem keen to bounce the State pension/retirement age further down the line, to aged 70 or beyond perhaps, there’s no doubt that many property owners will face the prospect of selling a portion of the family home to boost a meagre … Yet with equity release lending in the first quarter at more than double the level seen during the same period two years ago, the sector is rapidly becoming too big a force to ignore. Since it’s a secured loan, it’s not necessarily the first advisable loan. It is studied in two units which each culminate in a multiple choice test: – Unit 1 – Fundamentals of Equity Release (FOER) – Unit 2 – Equity Release Solutions (EQRS) Mortgage advisers must have specific mortgage qualifications. Our website uses cookies to improve your user experience. For those wanting to tap into this market, the exams are not the main barrier to entry. Independent financial adviser firm Hoxton Capital Management, which crunched up the numbers, said that these calculations take into account the average equity release cost at … Always act in the best interests of the client, treating them fairly in all actions. All rights reserved. In addition to developing advisory skills, the Certificate offers an understanding of equity release regulation, products, market practice, and customer needs. Managing director Stuart Wilson says: “It’s like when you pass your driving test and the examiner says ‘Well done, off you go.’ It’s only then that you really learn how to drive.”, He explains that the academy takes advisers through the next steps so they can understand the crossover with other product areas and the potential impact on benefits or care. Advisers who deal with: Mortgages and equity release. Applications from Adviser firms are welcome subject to the following criteria. The Later Life Academy helps brokers new to the world of lifetime mortgages to gain a better understanding of all the other advice considerations that need to be taken into account when speaking to a client about equity release. Access Equity Release is in the process of recruiting advisers and will have 10 in place by next month. There are no repayments to be made as the equity (usually up to 40% of the property value) is reclaimed by the lender on your passing, or that of the second applicant, whichever is last. What qualifications do you have? For those who have passed their equity release exams and want to start building a business in the sector, there is support available. Upper-Limit ‘ cap ’ become larger than the property value visits clients in person way or another structure of pensions. Interests of the adviser will recommend it to you next month ) to access equity/capital that is locked up their. 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