Home owners looking to apply for equity release on their property usually get the help of experts and advisors so that they can make the best possible choice. Other homeowners will usually carry out research on their own without involving experts in the process. Nonetheless, equity lenders usually ask that homeowners get expert advice so that they do not regret the decisions that they make later on.
People who advise on equity release schemes do not usually just start from scratch. They first need to have the right qualifications so that they do not mislead clients or provide poor advice. They need to adhere to standards set by the new Equity Release Council (formerly Safe Home Income Plans- SHIP), and also have qualifications such as the Certificate in Regulated Equity Release examinations. Therefore, not all financial advisors such as typical mortgage advisers have the ability to offer advice on equity release.
If a person is looking to be a home equity advisor, they need to go through one of these two bodies; Personal Finance Society (PFS) or the Chartered Insurance Institute (CII). This is because these are two bodies which offer great curricula on equity releases. In addition, these two bodies that offer learning courses also offer standard equity release qualifications which advisers must attain to be authorised by the FSA.
When a person has achieved this certification, they can usually have CeRER put after their name. This will usually show that they are accredited adviser on home equity schemes and as such can offer advice to people looking to take equity from their property. The Certificate in Regulated Equity Release is also important since when shown to clients it can inspire confidence in them that the equity advisor that they got is well trained and can be able to handle the job well.
Nonetheless, apart from offering advice to clients, equity release advisors can also work in equity lending brokerages as advisors. This is so that they can advise the firm on the best plans to follow, and the best way to get great deals. However, most advisors usually work as consultants and work alone offering their services to homeowners. They normally charge a certain fee for their services, but there are some who usually peg the fee on the lump sum that one gets after the release of their home equity.