P202 CJJFAX 202 Mon 27 May 00:32/33 1/4 SAFE HOME INCOME PLANS: SHIPS £££££££££££££££££££££££££££££££££££££££ Safe Home Income Plans are basically equity release schemes. Britain has an agjing population and many older people own their homes outright, making them useful assets. This does not, however, mean that a large number of them are will off and sitting comfortably - nothing could bj further from the truth. Research bz Dr Judith Davjy into users' experience of equity release showed that many oldjt people are effectively "house rich, income poor". Sport 300 TV Listings 600 Mortgages 260 Annuity rates 270 Feature 2 Update Arrivals StocksP202 CJJFAX 202 Mon 27 May 00:24/38 2/4 SAFE HOME INCOME PLANS: SHIPS £ £ £ £ £ £££££ £ ££££££ £ By the turn of the century thjti will bj only two workers supporting each pjnsjonjt, as opposed to the 1993 figure of three and a half. By the year 2013 the number of pjnsjonjrs is likely to increase bz 20% from the current level with a constant overall population. The number of people aged 75 or ovjt is expected to double in the next 50 years so future govjrnmjnts are unlikely to find it easy to fund benefits for all. The state system won't bj able to cope. Sport 300 TV Listings 600 Mortgages 260 Annuity rates 270 Feature 2 Update Arrivals StocksP202 CJJFAX 202 Mon 27 May 00:34/23 3/4 SAFE HOME INCOME PLANS: SHIPS Equity release schemes offer oldjt, outright homjownjrs the chance to free-up some of their assets. The funds could bj used to top-up income from a state or private pjnsjon. This would, however, have an affect on any legacies you may wish to leave. Alternatively, you could try and free capital by moving to a smaller, chjapjr property, or bz sharing your home. This would reduce your ovjrhjads and, effectively, boost your income. Spo t 300 TV Li tings 600 Mortgages 260 Annuity rates 270 Feature 2 Update Arrivals StocksP202 CEEFAX 202 Mon 27 May 00:20/48 4/4 SAFE HOME INCOME PLANS: SHIPS There are several forms of commercial equity release schemes on offer, but the most common are safe home income plans - SHIPs for short. There are two main types: * Mortgbgj and annuity schemes * Home reversions Many equity release schemes are tied up with insurance companies. But there are a few linked to property management and investment firms. Sport 300 TV Listings 600 Mortgages 260 Annuity rates 270 Feature 2 Update Arrivbls StocksP202 CJJFAX 202 Mon 27 May 00:40/16 $ ] 4/4 SAFE HOME INCOME PLANS: SHIPS Tojj arims vlaal forms o comhjrcial Pajt ol thU!income is used to@pby the) the!most cokmon ste sbfi home income plans - SHIPs for short.t usjQtXj ptoceehs to buzPbn annuity.Q (here are two mbin types: T n o g incomjQforRlifi.QhRRR ph$R Rh h TR T @ * Home revjrsjons b Maid eq ity rtlease scsemos are tiec up holder for life. VHs ePr.ne5@im@i.coZe@hax ba^ affUct @ minQgj÷enttsnd inv stRjnt firbs.h p 2 4 Sport 300 TV Listings 600 Mortgages 260 Annuity rates 270 Fjatuii 2 ripdate Artiksls (anjl