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Legal Advice
SHIP plan providers insist that if you are seriously thinking about taking out an Equity Release, you take independent legal advice. The solicitor who handles the conveyancing is required to sign a Solicitor's Certificate which confirms that he has fully explained the implications of the Equity Release plan to yourself.

Lifetime Lease
SHIP providers of Home Reversion plans guarantee a secure lifetime lease with a 'peppercorn' rent. The lease guarantees your right to remain in your home for the rest of your life.

Lifetime Mortgage
This is a generic term that the Financial Services Authority (FSA) have chosen to use to describe equity release mortgages aimed at older consumers who are looking to supplement their income or pay for long-term care. They are a way of releasing some or all of the value of your home, without having to move. The amount borrowed is normally repaid upon the death of the borrower.

Live-in Carer
Equity Release plan providers will generally allow a live-in carer in your property. A disclaimer must be signed stating that your carer will vacate the property on your death. An Equity Release scheme used to fund care in your home is a real alternative if you do not wish to go into residential care.

Long Term Care
You could consider an Equity Release scheme, as an excellent way to pre-fund your long term care by either a single premium plan if capital has been released, or a monthly plan, if income has been provided by the Equity Release scheme.

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