What is the Equity Release Council?
The Equity Release Council is a group of investors and lenders that was created to help people who are considering equity release. It provides education, advocacy and research on the benefits of equity release.
The Equity Release Council, what is it and how does it benefit homeowners? The Equity Release Council (ERC) is composed of lenders who specialize in equity release transactions for property owners over the age of 60 that own their homes outright with a high level of equity. It was established to provide education, advocacy and research to help people understand the benefits of equity release. To get approved by ERC, you need be at least sixty years old or have been diagnosed with terminal illness from an acceptable medical practitioner; meet one of four qualifying life events; live in your home as your primary residence for more than six months out of twelve months preceding assessment date; not have had any bankruptcy proceedings initiated against them within 12 months prior to submitting form for equity release.
The process is simple: just fill out a form online and an assessment will be done by a lender on whether or not they can help with release of funds/property from the equity in your house.
If approved, it usually takes about three weeks before receiving money into their bank account (or checking).
If you are approved by the Equity Release Council and have equity in your home, then there is no better time to use it than now! It can provide a way to help pay off debt faster, buy something that’s been on their wish list longer than they thought possible (like more family trips), or do whatever else they want with the money.
The process of getting approval from this group will not cost you anything upfront and only takes about an hour out of your day-to-dozens upon dozens of hours saved over many years if someone were considering retirement without funds.