Equity release - keep calm and take basic steps

With all that is going on at the moment, I have just asked the Equity Release Council for an overview:
Rising rates aren’t unique to equity release, but the products have useful features that make them an important option, including rates that are fixed indefinitely at the point of release with no need to make repayments and no risk of repossession.
It’s important to keep calm and follow some basic steps before releasing equity. Don't rule it out automatically, don't rush into it by default, get advice from a Council member who will help you consider all your needs and options, and talk it through with your loved ones.
The fifth product standard has been introduced to mark the 30th anniversary of consumer protections first established by the Council’s predecessor Safe Home Income Plans.
From 28 March 2022, all customers taking out lifetime mortgages that meet Council standards will be guaranteed the right to make penalty-free partial repayments of their loans. It means new customers cannot only reduce their borrowing but offset the interest, without making any ongoing commitment to further repayments.
The product standards are listed below:
· A no negative equity guarantee, so the loan, interest and fees can never exceed the value of the property.
· The right to make penalty-free payments, allowing people to mitigate and even eradicate the effect of roll-up interest.
· Rates that are fixed for each release, or if variable capped, for the life of the loan.
· The right to remain in their property for life or until the customer needs to move into long-term care.
· The right to move to another suitable property.
Lifetime mortgages are not the right option for every circumstance, but today’s products are more flexible than ever before to suit a range of needs. Most importantly, equity release is safer than ever before – the industry has taken important steps in recent years to add to existing customer protections.
By using a member of the Equity Release Council, customers will be prompted to consider other options before making a decision and provided with all the facts to make an informed choice. Please review the Council's Consumer guide here https://www.equityreleasecouncil.com/what-is-equity-release/lifetime-mortgage/ which can be downloaded for further information.