Safe Home Income Plans (SHIP) conditions

  1. Equity release companies which are members of SHIP agree to disclose in their literature all costs, the position on moving, tax liabilities and the effect of changing house values on the scheme.

  2. The client's legal work will always be performed by the solicitor of their choice. The solicitor will not be chosen by the product provider. The solicitor must sign a certificate to show that the scheme was explained to the client.

  3. The certificate must show how the loan amount will change over time and whether a part or all of the property is being sold. It will state the total cost to the householder's assets and estate.

  4. Lifetime mortgage schemes carry a "no negative equity" guarantee. These guarantees ensure that the cost of the loan plus accrued interest at the death of the planholder will never exceed the value of the property.