The SHIP code explained 

The equity release industry has created an independent organisation known as SHIP dedicated to protecting customers. The formation of SHIP has helped develop a new generation of products that are much simpler to understand and more secure. The SHIP code of conduct is as follows:

The members of SHIP agree to provide fair, simple and complete presentation of their plans. The benefits, obligations, variables and limitations must be set out clearly in their literature, including all costs which the applicant has to pay in setting up the scheme, the position on moving, the tax situation and the effect of changes in house values.

The client's legal work will always be performed by the solicitor of his or her choice. In all cases, prior to the completion of the plan the solicitor will be provided with full details of the benefits the client will receive. The solicitor will be required to sign a certificate to the effect that the scheme has been explained to the client.

In addition, all SHIP plans carry a No Negative Equity guarantee i.e. you will never owe more than the value of your home.