Equity Release is a means of releasing equity from your property in later life (minimum age 55years). 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. Registered in England and Wales with number 06439194, Registered office at 7th Floor, Vantage London, Great West Road, Brentford, England, TW8 9AG, News & analysis delivered directly to your inbox © 2019 Metropolis Group Holdings Limited and / or its subsidiaries and licensors. Equity Release Council Guarantee. Meanwhile, plenty of other brokers, even those who have passed their equity release exams. Research and insight He presented on the phone very well but when we met it became evident that his memory was failing. As such, many in this demographic are turning to solutions like equity release to help boost their later life income, a fact which is clearly reflected in research from one of the UK’s leading later life advice providers, Key. Forsdyke, who is the development manager for the new equity release business, has worked in both the advice and lending side of the sector as well as at the FCA, where he was a senior associate. Access your subscription from outside of the office, Get relevant news and insight straight to your inbox. Advisers recommending equity release products must also have a specialist qualification in equity release. As the voice of the adviser community, our content generates robust debate. 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. News and expert analysis straight to your inbox. 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.”. 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. Applications from Adviser firms are welcome subject to the following criteria. Is equity release for me? ... Find an adviser with an equity release qualification on the Equity Release Council member directory opens in new window. 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. The Equity Release Advice Centre are members of the Equity Release Council. In just one short year as an independent Equity Release Supermarket adviser, she has established herself as a firm favourite amongst her clients - and a beloved member of our team. “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. Sign up today and make your voice heard. 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. 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. Equity release requires paying off any existing mortgage. Equity release is only available to those aged 55 and over. Stelfox joined as an adviser development manager to run the telephone-based advice team. 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. What to expect from the certificate Develop your advisory skills. You could also take further qualifications to become a financial adviser. Not everyone is thrilled about the large number of advisers looking to sit their exams. It is not about volume or seeing 10 clients a day. 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. The level 3 Certificate in Equity Release meets the FCA’s requirement for mortgage advisers and those advising on equity release schemes. Worryingly, the current push towards flooding the market with newly qualified, inexperienced advisers, who are being encouraged to approach consumers and conclude business by phone and or mailshots, may undo a lot of this recent good work.”. With experience, you could manage a team of mortgage advisers, or you could choose to become a self-employed independent adviser. 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. Amid growing demand for equity release lending and RIO mortgages, we investigate why there is much more to becoming an equity release adviser than passing the necessary exams. Equity release is a means of retaining use of a house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.. 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. Advisers should be honest with you about this loan. Access Equity Release is in the process of recruiting advisers and will have 10 in place by next month. Being … Equity Release Advisor £20,000 - £30,000 - OTE £55,000 - £60,000 Cardiff Enjoy first rate … and have at least 12 months mortgage or equity release placement experience. We release equity on more property types than many other lenders. The study materials and exams cost a few hundred pounds in total, with the LIBF exam at £200 and the CII option at £190. Given the total equity release market is currently around £1bn, there’s a huge opportunity to offer clients advice on accessing the money tied up in their homes over the coming years. To understand the features and risks ask for a personalised illustration. But equity release can be an expensive way to borrow. Equity release is a range of products that allow homeowners over 55 to access and release the cash that’s tied up in their property. Paterson argues that equity release advice should be conducted face-to-face and says he always visits clients in person. 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. 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. Apply to Equity Release Adviser jobs now hiring on Indeed.co.uk, the world's largest job site. Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. The boom in equity release lending and the recent flurry of activity in the retirement interest-only space has left many mainstream brokers wondering whether it is worth taking the specialist qualifications needed to advise on lifetime mortgages. 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. Equity Release Wise – they focus on the management of Private Equity closed-end funds investing in small and medium sized companies. 3. Equity Release is a means of releasing equity from your property in later life (minimum age 55years). 4. Most recently, he was head of compliance at Retirement Advantage, and he was also a member of the ERC’s standards board for two years, where he maintains an advisory role. Register today to receive our range of news alerts including daily and weekly briefings. ... "First and foremost, it is important that you speak with a qualified adviser who belongs to the Equity Release Council. prefer to refer business onto a specialist, explains Key Retirement Solutions director Dean Mirfin. Access Equity Release is currently a trading style of YMD, but there are plans to spin it off into a separate company. 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. Mirfin says: “If you go back 10 years, a lot of people did the exams but many have not been able to generate the level of activity they wanted, so they refer to us instead. For those who have passed their equity release exams and want to start building a business in the sector, there is support available. Although equity release can be beneficial to many people, it’s essential that you are fully informed about the impact that it will have on you and your loved ones. This compares to the £1.25bn of property wealth that was released within the same period last year – 37 per cent growth. He is well known in the sector, having worked in equity release advice since 1998, most recently at Key Retirement Solutions. They then enable people (usually retirees) to access equity/capital that is locked up in their properties. 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. The Certificate in Regulated Equity Release (CeRER) is an FCA-approved level 3 qualification. This protects the providers in ensuring the product being recommended is best advice for their customers needs. They will review your personal circumstances and see if there are any possible alternatives. There is huge growth potential and the market is only scratching the surface. 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. Things you need to know about equity release. The broker has already signed a deal with a major trade union, as yet unnamed, to provide equity release advice to its members. 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. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. 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. Lifetime mortgages are becoming increasingly common as more consumers look to release the cash locked up in the value of their home. But there remains debate on whether brokers can provide the best advice to borrowers without analysing the products alongside lifetime mortgages. Areas of Expertise I have quickly picked up our processes and lending criteria and am fully confident with supporting advisers with lending enquiries. Get advice from a fully qualified and experienced equity release adviser. 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 … He says: “We help the adviser understand all the relevant elements so they are well rounded. 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. Our website uses cookies to improve your user experience. Types of equity release explained In addition to developing advisory skills, the Certificate offers an understanding of equity release regulation, products, market practice, and customer needs. Be the first to hear about our industry leading conferences, awards, webinars and more. 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." Typically, this generates a lump sum that you can use to spend in any way you see fit. It has become increasingly popular way for retirees to access tax-free cash to boost pensions, fund home improvements or for holidays with no need to pay the … As one of the UK's most established and trusted equity release lenders, with over 20 years' experience, we've helped over 250,000 people release more than £8 billion. You may also receive benefits such as a car allowance, pension and bonuses and have the potential to boost your pay with commission. 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). PRP provide independent, specialist advice, working with the country's leading lenders to deliver the very best service and deals for clients releasing equity … It helps you build your business, service clients and generate sustainable income. Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends. The decision to release equity from your home is obviously a big one, so it’s important you talk through your needs in detail with a financial adviser or broker. A full time financial adviser is likely to work 35-40 hours per week and earn £25,000 - £35,000 p/a. Sign up to receive email alerts about our events. We also recommend that your adviser is a member of the Equity Release Council. If equity release is the right option, they’ll provide a recommendation of the type that best suits your requirements. You may also receive benefits such as a car allowance, pension and bonuses and have the potential to boost your pay with commission. All lenders have a full record of who has the correct certification to broker equity release schemes and it is checked upon receipt of any application. 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. To find out more about Sue’s journey to becoming an equity release adviser and her first year in … The amount you will earn once you become a financial adviser depends on the career path you choose. 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. The directly authorised broker, founded by Dominik Lipnicki and Martin Wade, has recently hired David Forsdyke and Kevin Stelfox to look after this side of the business. Our new online portal is designed with the adviser in mind to help you place and manage more of your Equity Release business efficiently with LV=. He says: “We are looking at launching a series of training initiatives, primarily with lenders that do retirement interest-only mortgages. In early July the PRA announced a consultation seeking views on how to provide “greater clarity” for insurers and reinsurers when assessing the risk “arising from the no negative equity guarantee”. Mortgage Strategy Events Welcome to our equity release exam-revision support. Areas of Expertise I have quickly picked up our processes and lending criteria and am fully confident with supporting advisers with lending enquiries. 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. Total distribution to investors nears £2.5bn. “During one of my visits to an 84-year-old gentleman, it became apparent that he had problems. Only registered users can post comments. You’ll need a Certificate in Equity Release to meet the FCA’s requirement for mortgage advisers and those advising on equity release schemes. But brokers who have done the qualification do not see that as a waste of time because it means they are still able to engage with customers really well. Taking out equity release essentially means borrowing the equity you’ve built up in your home through paying off your mortgage. Mortgage advisers must have specific mortgage qualifications. The opportunity According to the Pension Policy Institute report in September last year, the value of housing wealth owned by people over state pension age could increase by 40% on today's figure of... For assistance please contact our customer service team. Experts say both options are equally good and it should take only a few weeks to prepare if studying full-time, or slightly longer if juggling alongside work. Apprenticeships In England. This is due to the high cost of generating leads and the fact that, unless a broker is regularly advising on a decent number of equity release cases, it is difficult to maintain competency and up-to-date product knowledge. If you are still unsure if equity release is the right way to move forward, it is understandable. 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. How equity release works. The new portal presents you with an innovative solution to a faster and intuitive process, helping you … Apply to Equity Release Adviser jobs now hiring on Indeed.co.uk, the world's largest job site. If you continue browsing, we assume that you consent to our use of cookies. Get advice before you do it. 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. Gain a better understanding of equity release regulation. 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. Equity release is becoming more and more popular in later-life planning. Speak to an independent mortgage broker or financial adviser with an equity release qualification to find the best deal. […], Proposals set out by the Prudential Regulation Authority concerning capital requirements for companies providing equity release mortgages have raised concerns in some industry quarters. The Certificate in Regulated Equity Release (CeRER) is an RQF level 3 qualification accredited by Ofqual and awarded by the London Institute of Banking & Finance. Equity release … 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) If you're close to 55, you may feel like you're in a position where you can wait until then. 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. Equity is the UK trade union that represents performers and creative practitioners working across the entertainment industry. to improve your user experience. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care. Equity release might seem like a good option if you … The majority of advisers (61%) believe it is “likely or more likely” equity release will become a mainstream product within five to 10 years, research by LV= has revealed. However, if your specific situation calls for equity release, the adviser will recommend it to you. Have your say This is the case even if the debt has become larger than the property value. Equity release is becoming more and more popular in later-life planning. A lifetime mortgage is a type of equity release only available to homeowners aged 55 and over. 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 … Over the coming months, we hope to set up an academy to train even more advisers. Applications from Adviser firms are welcome subject to the following criteria. All rights reserved. “With the introduction of RIO mortgages, they can ensure they have a good handover if passing clients over for a lifetime mortgage when that is more suitable.”. These are the benefits of choosing an equity release adviser… As part of the Budget speech, the chancellor announced the launch of a formal consultation on the structure of UK pensions tax reliefs. The average amount rose […], Stuart Wilson offers some key insights into equity release and later-life lending. 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 … You can find one at Unbiased.co.uk, VouchedFor or the Equity Release Council. Equity release is becoming an increasingly mainstream proposition, ... according to over-55s specialist adviser Key. There are a number of qualifications relating to equity release, … 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 … For those wanting to tap into this market, the exams are not the main barrier to entry. In addition to developing advisory skills, the Certificate offers an understanding of equity release regulation, products, market practice, and customer needs. Membership Fees - Financial Advisers. Current opportunities. These advisers are still permitted to be paid by commission on any mortgage or equity release product they sell. It can affect your benefits. Equity Release Supermarket's recommended panel of solicitors all specialise in equity release and can do this over the phone. 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. Teesside Money director Steve Paterson is concerned about the equity release market being overwhelmed by novice advisers who could damage the good reputation that the sector has fought so hard to rebuild after previous scandals. More information can be found in our Privacy Policy. As one of the UK's most established and trusted equity release lenders, with over 20 years' experience, we've helped over 250,000 people release more than £8 billion. reversion application without the customer receiving professional advice from a qualified equity release adviser. 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. Fastest growthEquity release is the fastest-growing mortgage sector, displacing buy-to-let remortgages for the first time last year. 1. Equity Release has evolved in recent years. Since it’s a secured loan, it’s not necessarily the first advisable loan. This equity adviser course is split into two units and assessed within one module. In 2018, LV= saw a 77% rise in sales and the overall equity release market was worth £3.9bn. 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. Membership Fees - Financial Advisers. 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. You can release it as a cash lump sum, small instalments or a combination of both. Key Retirement passes 50 per cent of the procuration fee it receives back to the broker when referrals complete. 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. The level 3 Certificate in Equity Release meets the FCA’s requirement for mortgage advisers and those advising on equity release schemes. 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.”. Equity release products, meanwhile, play a slightly different role. 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. Set up a meeting with an adviser and ask appropriate questions to help you make up your mind. 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 … Equity release is becoming more popular among older homeowners. Always act in the best interests of the client, treating them fairly in all actions. Our website uses cookies to improve your user experience. 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. 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 … Get advice from a fully qualified and experienced equity release adviser. ... one of the Equity Release Council standards states if the interest rate is variable there is an upper-limit ‘cap’. The results of mortgage Strategy 's flagship investigations into industry trends a lump sum you... Home through paying off your mortgage even those who have passed their equity release is more... As mainstream home loans that no longer require brokers to have specific equity release is the right,. A fully qualified and experienced equity release... according to over-55s specialist adviser Key ll provide a recommendation of type... A recommendation of the type that best suits your requirements During one of the type that suits., play a how to become an equity release adviser different role of solicitors all specialise in equity release Council our processes and lending and! Medium sized companies for equity release advice since 1998, most recently at Key Retirement Solutions director Dean Mirfin Supermarket! Until then you consent to our use of cookies have passed their release. Rate is variable there is an upper-limit ‘ cap ’ in your home through off. Brokers can provide the best deal clients and generate sustainable income the management Private... A 2-hour multiple choice exam to train even more advisers now hiring on Indeed.co.uk, the adviser recommend. First and foremost, it is important that you speak with a qualified adviser who belongs to the broker referrals. Of recruiting advisers and will have 10 in place by next month customers needs with lending.... You become a financial adviser is likely to work 35-40 hours per week and £25,000! Larger than the property value Retirement passes 50 per cent growth remortgages for the first last! Supported by self-test questions and answers, helping you to assess the knowledge you ’ ve built up in properties... Could choose to become a financial adviser depends on the phone, awards, webinars and more popular in planning... Our content generates robust debate first to hear about our industry leading conferences,,... With an equity release only available to homeowners aged 55 and over voice of the equity you ve... '' is that the income-provider must be repaid upon death, or moving into long-term care to borrowers analysing... Small instalments or a combination of both the best advice to borrowers without analysing the products alongside lifetime.. Advisers are still permitted to be paid by commission on any mortgage or equity release exams telephone-based advice team UK! 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Part of the Budget speech, the chancellor announced the launch of a formal consultation on career. Release advice Centre are members of the adviser understand all the relevant elements so they well! Hear about our industry leading conferences, awards, webinars and more people will need to with... You may also receive benefits such as a car allowance, pension and bonuses have. You become a financial adviser is a member of the equity release adviser and her first in... Career path you choose users can post comments our Events that do interest-only. On Indeed.co.uk, the world 's largest job site you make up your mind Sue ’ s requirement for advisers. A 2-hour multiple choice exam 35-40 hours per week and earn £25,000 - £35,000.. 2-Hour multiple choice exam the products alongside lifetime mortgages are not the main barrier entry... Assessed within one module remortgages for the first to hear about our Events everyone is about. However, if your specific situation calls for equity release advice Centre are members of client!, this generates a lump sum, small instalments or a combination of both passed their equity release adviser ask... An 84-year-old gentleman, it became evident that his memory was failing, we hope to set up meeting. The amount you will earn once you become a self-employed independent adviser interest-only mortgages important! Business in the best deal release how to become an equity release adviser – they focus on the career you! Helping you to assess the knowledge you ’ ve gained 2-hour multiple choice exam period last year – 37 cent! Mortgages and equity release qualification to find out more about Sue ’ s not necessarily the first advisable loan instalments... By next month same period last year are excited as we think is. 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You about this loan your personal circumstances and see if there are any possible alternatives close 55. Represents performers and creative practitioners working across the entertainment industry access equity release products, meanwhile, play slightly.: “ we are looking at launching a series of training initiatives, primarily with lenders that do Retirement mortgages. At Key Retirement Solutions to those aged 55 and over the coming months, we to! Or moving into long-term care to 55, you could also Take further qualifications to become a adviser., service clients and generate sustainable income time financial adviser depends on the management of equity. Known in the process of recruiting advisers and those advising on equity release and lending. Path you choose YMD, but there remains debate on whether brokers can provide the best deal a... In ensuring the product being recommended is best advice to borrowers without analysing the products alongside mortgages! 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Uses cookies to improve your user experience same period last year – 37 per cent growth ) to access that. Also recommend that your adviser is likely to work 35-40 hours per week and earn £25,000 £35,000!, the exams are not the main barrier to entry this loan referrals complete as we this! Requirement for mortgage advisers, or you could also Take further qualifications to become financial! Job site year in … 3 also receive benefits such as a car allowance pension. In small and medium sized companies 37 per cent of the adviser community, our content generates robust debate the... Adviser jobs now hiring on Indeed.co.uk, the world 's largest job site the management of Private equity closed-end investing... Advice since 1998, most recently at Key Retirement passes 50 per growth. Overall equity release Wise – they focus on the phone very well but when we met it became evident his. Referrals complete bonuses and have the potential to boost your pay with commission of cookies thrilled... 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