CeRER training required for equity release products
Recently we touched upon CeRER training in an article discussing the findings of a survey from RBS Reverse Mortgages, which showed why more people are using equity release mortgages (also called reverse mortgages) and surprisingly, it was not just to indulge themselves by spending the children’s inheritance but to fund their retirement.
Critics of equity release say that it limits the options for those who take it up and it has had a poor reputation in past decades. However, thanks to the SHIP (Safe Home Incomes Plan) and steps put in place by the Financial Services Authority (FSA), equity release mortgages are now less confusing and the reputation is much improved.
The FSA and the role that SHIP plays is covered in CeMAP training, which every mortgage advisor undergoes; however, as mentioned previously, in order to give advice on equity release products a mortgage advisor must also get their CeRER qualification.
CeRER stands for Certificate in Regulated Equity Release. As the UK has an aging population and most of these do not have an adequate provision for funding their retirement, one of the main ways to solve this problem is for people to release funds from their property to give them capital and/or income.
As a result of this growth industry, which is growing at a rate of over 20 percent per year, the demand for CeRER training is growing just as quickly.
Posted on July 1, 2009
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