A guide to the Certificate in Regulated Equity Release (CeRER) (2022)

CeRER is one of the main qualifications for Equity Release Advisors and is required by companies to provide equity release advice. CeRER can also be taken by Mortgage Advisors looking to upskill and add an additional service to benefit the client.

In this blog, we’ll give an overview of the qualification including; a background on Equity Release (and Equity Release Advisors), the units, entry requirements, costs and how to study for the qualification and more!

What is an Equity Release Advisor?

The Telegraph state that “An equity release adviser can recommend the products that protect your estate from additional costs. They will also provide a detailed projection showing how much the plan will cost over your lifetime, so you understand the financial implications of your decision.

How much do Equity Release Advisors earn?

From our data, we can see that as of April 2022, employed Equity Release Advisors can expect a median salary of £33,100 with a low of £31,000 and a high of £35,200. Employed Advisors can expect on target earnings (OTE) of between £46,250 and £48,750. Whereas self-employed advisors can expect to earn around £50,000 and in some cases up to £100,000!

What is CeRER?

Simply academy state that “The Certificate in Regulatory Equity Release (CeRER) is the regulatory qualification you will need to be able to advise clients who wish to release capital in their property with an agreement to repay the money in the future while they still reside at the property. The CeRER qualification will equip you with the in-depth knowledge required to provide sound financial advice to your clients, including the legal and regulatory considerations.”

CeRER entry requirements

In order to complete CeRER you must have a recognised mortgage qualification, such as CeMAP or the Certificate in Mortgage Advice. This is something that we have covered extensively in recent content; see below our recent CeMAP playlist, A guide to the Certificate in Mortgage Advice and a video comparing the two:

CeRER Units:

There are only two units for CeRER, presuming that you already hold CeMAP or an equivalent mortgage advice qualification, Unit 1: Fundamentals of Equity Release and Unit 2: Equity Release Solutions.

Unit 1: Fundamentals of Equity Release

The first unit covers the market which includes schemes and regulations with the goal to get you up to speed with the industry, how it works and what customers want.

Unit 2: Equity Release Solutions

The second unit dives into more pragmatic ways of dealing with clients covering the specifics of products and providing assessments of customers’ needs.

How is CeRER tested?

With this qualification, you are assessed at the end of each unit, rather than a coursework-based approach. The assessment method for each unit is:

  • Unit 1 – 50 questions multiple choice question exam (MCQ)
  • Unit 2 – three case studies each with 10 linked multiple-choice questions

The benefit here is that you can choose when to take your exam and pick from test centres nationwide or through remote invigilation

You will have 12 months from when you register, to complete each module and sit the exam. Your first exam is included in the registration fee for each unit for more information see exam and assessment information.

When you have successfully completed all units, the LIBF will post your qualification certificate to you.

How to study for CeRER

CeRER study can be approached in much of the same way as other qualifications from the LIBF in that it predominately is focused on multiple choice questions meaning that you need to focus on absorbing and retaining as much information as possible for the exam. Previously the advice we have given for these types of assessment method is:

  1. Know the content – Although this may sound obvious, this is even more important because you can’t make up for a lack of knowledge by using good writing technique as you could in other exams. MCQs are black and white in that if you are right you are right there are no partial marks awarded for partial understanding
  2. Create a study schedule – View this as a plan that will get you to the point where you ace the exam. Utilise the known study techniques to your advantage to ensure you are working smarter and not harder!
  3. Create your own questions – A great way to recap your learning is by creating practice questions for yourself. When you receive the study guide, it is advisable that you work through the text and create a note of all the important information. A good way of doing this would be to use cue cards writing the question on one side and the answer on the other. Then, after you have studied you can test your recall by going through the questions, calling out the answers and flipping the card over to see if you got the right answer. Another way of creating this is through using the headings / subheadings of the study material for inspiration. There are loads more great resources with more information regarding how to answer MCQs so it can be worth going through these to see if you get any inspiration.

How long does CeRER take?

The LIBF state that the average time to complete CeRER is “six months – but you have up to 12 months from registration to complete [it]”

What does CeRER cover?

The LIBF state:

“Your studies will cover:

  • The impact of equity release schemes on customers’ future options
  • The FCA regulatory explanation of a lifetime mortgage and a home reversion plan
  • How to match different types of equity release schemes to your customers’ needs
  • The suitability and affordability of the different types of equity release schemes
  • The relative advantages and disadvantages of the different types of equity release arrangements and alternatives
  • How to assess the risks to customers who take out equity release schemes and when these might arise
  • The rules relating to state benefits as well as taxation”

How much does CeRER cost?

The main cost of CeRER is £220 which will include your study materials and exam entry.

Optional costs can be incurred such as:

  • Additional study materials £28 per paper
  • CeRER revision videos £99 for the series

Additional costs can be incurred including:

  • Exam resit fee of £160

CeRER FAQs

  1. Do you need CeMAP to complete CeRER?

    In order to undertake CeRER,  you must have CeMAP or an equivalent Level 3 mortgage qualification.

  2. What are the main qualifications for Equity Release Advisor?

    CeRER and ER1 are often viewed as the two main Equity Release qualifications.

  3. Do I need both CeRER and ER1?

    Most companies will require just one of the two qualifications.

  4. Will I have to provide mortgage advice as an Equity Release Advisor?

    Only if your company require you to.

  5. Why do I need CeMAP as an Equity Release Advisor?

    You need CeMAP to gain a broader understanding of the industry.

  6. What is the difference between a lifetime mortgage and equity release?

    The Telegraph state “Equity release enables homeowners to retain the use of their home while obtaining an income or funds from it. A lifetime mortgage is one of the two main types of equity release products, the other being a home reversion plan.

Conclusion

If you are currently looking for a new role we have a number of Equity Release Advisor roles that may appeal to you.

Or, if you’re looking for your first role in Equity Release we currently have an amazing Home-Based Trainee Equity Release Advisor role. Key aspects of this role:

  • Salary of £30,000
  • Realistic OTE of £40,000+ with exceptional advisors able to earn c.£50,000
  • 50% contribution towards your CeMAP and CeRER fast-track academy!
  • This role can suit individuals seeking a career change

Contact us now:

Stay up to date with our other content: