Why people use equity release mortgages
June 29, 2009
According to recent research from RBS Reverse Mortgages, people are not taking out equity release mortgages, otherwise known as reverse mortgages, just to spend their children’s inheritance.
RBS Reverse Mortgages conducted a survey and discovered that repairs to the home and supplementing the retirement income are the two biggest reasons.
In equity release mortgages, or reverse mortgages, a person older than 60 years is Read more
Pensioners could free £611 billion with equity release
April 26, 2009
Equity release is a hot topic in the media at the moment and the Prudential has released figures this week demonstrating that struggling pensioners are sitting on a goldmine with approximately £611 billion worth of equity in their homes.
The Prudential Equity Release Index shows that despite Read more
Pensioners using equity release to pay mortgage
April 21, 2009
According to an equity release specialist, over a third of pensioners in the UK are still paying off their mortgage.
The figures shows that around 33 per cent of pensioners aged 65 or over still have a mortgage to pay off. Last year, the number of pensioners using equity release schemes to be able to pay their outstanding mortgage debt soared by an extra 38 per cent according to KRS (Key Retirement Solutions) with the Read more
Equity release for long term care costs
March 7, 2009
As Britain has become increasingly aware over recent years, there is an aging population issue within the UK as the number of people over state pension age increases.
There is consequently a shortage of accommodation and so those who need long term care are sometimes forced to move miles from friends, family and those who know them in order to get the care they need.
However, those who are looking for long term care and yet still wish to remain in their own home are able to use equity release as a funding option. Alternatively, the funds released from their home could be used for the costs of residential care whilst their spouse can remain in the home.
To advise on mortgages, a person has to take their CeMAP training. However, equity release is a special sort of mortgage advice due to the vulnerability of the people generally being advised and so only those mortgage advisors who have taken the CeRER qualification are able to advise on it.
There is a huge market for equity release as there is an estimated £500 billion of equity tied up in the homes of those over the age of 65. Equity release is a solution for those who wish to remain in their own homes and yet still have a need to release some funds.
Why is the CeRER exam becoming so popular?
January 1, 2009
As the Head of Financial Regulation at the ifs School of Finance himself said, the CeRER qualification is becoming increasingly popular.
In July this year, the Head of financial regulation at the ifs School of Finance, Mark Roberts, said:
“We have received almost Read more
When did the CeRER qualification come into effect?
December 29, 2008
The sale and marketing of Equity Release products was separated officially from other mortgage advice from the 6th April 2007, by the industry regulator the Financial Services Authority (FSA).
From that point, if you wanted to sell or market equity release products, and that includes Lifetime Mortgages and Home Reversion Plans, you needed and still need to get your CeRER qualification.
CeRER stands Read more
A Christmas gift for a mortgage advisor
December 21, 2008
Mortgage advisors are a strange breed, we find. Highly intelligent (of course), interested in ensuring financial stability and great communicators, but they can also be very difficult to buy for at Christmas.
In the current financial climate, some mortgage advisors are having to look around for ways to diversify their income and those that have already done so are doing very well.
One Christmas gift you could consider Read more
CeRER Qualification Helps Capture FTB Market
October 31, 2008
The CeRER (Certificate in Regulated Equity Release) is an important aspect of being able to survive in today’s market, not simply because it helps a mortgage advisor diversify their business, but also because of the current tighter lending criteria required by many mortgage lenders.
Deposit requirements are much higher at the moment. 100 percent mortgages no longer exist and 95 percent mortgages are rare and only for those with an immaculate credit history.
First time buyers are watching in dismay as house prices have fallen, however, although the price might be more affordable, few can afford the ten percent deposit.
As a result, we are seeing more Read more
Modern Mortgage Advisors Need CeRER Qualification
October 27, 2008
The CeRER (Certificate in Regulated Equity Release) is essential for any mortgage advisor in today’s fluctuating mortgage market.
Being able to give only basic mortgage advice is no longer sufficient and mortgage advisors and financial advisors need to diversify their business.
Despite falling house prices at Read more
Beware CeRER Equity Release Revision Workshops
September 8, 2008
As CeRER (the Certificate in Regulated Equity Release) becomes better known, and mortgage advisors realise the value it can add to their service, there will no doubt be plenty of companies cropping up offering CeRER training courses.
Potential delegates looking to attain their CeRER qualification should be wary of those offering ‘revision courses’. The reason behind this is Read more
