02 October 2008

Equity release plans overlooked due to misperceptions on turnaround when compared to sale and leaseback, says Retirement Plus 

Contrary to the perception of some brokers, equity release plans are now much quicker on turnaround, generally have a low cost to entry and have the safety net of regulation, according to Retirement Plus - so there is no need for elderly clients to be recommended sale and leaseback schemes.

Speedy turnaround and quick payment of monies are often cited as the advantages of sale and lease back schemes over lifetime mortgage and home reversion plans.  However, this misperception could ultimately be bad news for the public, as equity release providers are now meeting tight completion deadlines. 

Duncan Young, CEO of Retirement Plus said: “There is no advantage of sale and rent back over equity release. Brokers and clients alike need to research the market carefully, choosing the product that suits the individual’s circumstances best. In most cases now the time to completion for equity release has been heavily reduced – a recent case at Retirement Plus took just 16 days from start to finish. And, importantly, customers have the safety and security of knowing that our equity release products are sold with the endorsement of SHIP and the FSA – unlike sale and lease back.”

ENDS

All media enquiries:
Retirement Plus, Duncan Young   020 7907 8591
Mainland PR, Melanie Bradley / James White 020 3008 7400

Editor’s notes

About Retirement Plus
Retirement Plus is a Milton Homes company which specialises in providing equity release products. The Retirement Plus range of home reversion plans allow UK residents aged 65 or older to receive full market value for a share of their property at the start of the plan, in return for which they grant Retirement Plus an option to acquire an increasing beneficial share in the property over the life of the Plan. Significantly, these products enable the owner to release their share of the property over time, rather than giving up the full amount at inception. The homeowner can also elect to retain a “protected share” of the property.

Retirement Plus is authorised and regulated by the FSA and is a member of SHIP, the body which is dedicated entirely to the protection of planholders and to the promotion of safe home income and equity release plans. Retirement Plus only accepts business from customers who have received advice from brokers registered with the Financial Services Authority.
Website: www.retirement-plus.co.uk