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CeRER: Certificate in Regulated Equity Release

CeRER is the Certificate in Regulated Equity Release, the qualification the FCA requires before you can advise on equity release. It is awarded by the London Institute of Banking & Finance (LIBF), the same body that awards CeMAP, and it is built on top of CeMAP: the three CeMAP modules plus this one extra module. If you already hold CeMAP, you are one module away from being able to advise on equity release. The module has two units, FOER (Fundamentals of Equity Release) and EQRS (Equity Release Solutions), covering lifetime mortgages, home reversion plans, suitability assessment, and the impact of releasing equity on tax, state benefits and long-term care funding.

Questions
1,080
Units
2
Topics
24

What’s in it.

2 units

Sample questions

3 of many

A few questions from this module, with the answer and a full explanation. The complete bank is available when you start practising.

  1. Robert, 74, sold forty-five percent of his home under home reversion eight years ago. He now wants to sell the whole property to fund a house move, and separately wants to grant his daughter a right to live there rent-free while she recovers from illness. He assumes that because his name remains on the title register alongside the provider's, he can make both decisions unilaterally. Which fact about Robert's position undermines this assumption?

    • Consent is only required for a sale, not for occupation arrangements
    • Robert's lease converts to full ownership once he reaches seventy-five
    • His retained share gives him unilateral control over that portion
    • The provider is a registered co-owner of forty-five percent of the title
      Correct answer
    Explanation

    Robert's name remaining on the register does not give him unilateral control, because the provider's forty-five percent registered share means it must consent to decisions that affect the whole property, including a full sale. His daughter moving in temporarily is a separate practical matter, but a decision as significant as selling the property cannot be made without the provider's agreement given its ownership stake. Reference: LIBF CeRER Qualification Specification v6, EQRS AC 2.14. Key takeaway: co-ownership by the provider means major property decisions need its consent, whatever else appears on the register.

  2. Frances currently receives local authority funding toward her domiciliary care costs. She is considering a £25,000 lump sum lifetime mortgage. What risk should her adviser flag before recommending it?

    • No risk exists, since domiciliary care funding ignores capital entirely
    • Her care funding increases automatically once her capital rises
    • The lump sum could raise her capital above the care means test threshold
      Correct answer
    • The risk only exists if she later moves into a residential care home
    Explanation

    The local authority care means test applies to domiciliary care in the same way it applies to residential care, so the £25,000 lump sum could raise Frances's capital above the relevant threshold and put her existing contribution at risk, even though she remains living at home. Reference: LIBF CeRER Qualification Specification v6, EQRS AC 3.19. Key takeaway: the care means test risk applies to care received at home, not only to residential care.

  3. What is a "partial sale" home reversion plan?

    • A plan selling less than 100% of the property interest to the provider
      Correct answer
    • A plan where the customer sells the entire property interest to the provider
    • A plan where the customer takes out a loan secured by a charge over part of the property
    • A plan where the provider pays the full, undiscounted market value
    Explanation

    A partial sale home reversion plan involves the customer selling only a proportion of their property interest, for example 30% or 50%, retaining legal and beneficial ownership of the remaining share, while still keeping the right to live in the whole property. Key takeaway: "partial sale" means part-ownership is retained, unlike a full sale.

Frequently asked questions

5 questions
What is CeRER?

CeRER is the Certificate in Regulated Equity Release, a Level 3 qualification awarded by the London Institute of Banking & Finance (LIBF). It meets the FCA education standard required to advise on equity release products, meaning lifetime mortgages and home reversion plans.

Do I need CeMAP before I can do CeRER?

There are no entry requirements to start studying CeRER, but you need CeMAP or an equivalent Level 3 mortgage advice qualification to achieve it. CeRER is structured as the three CeMAP modules plus one additional equity release module, so a CeMAP-qualified adviser only needs to complete that extra module.

How many units does CeRER have?

The equity release module has two units. FOER (Fundamentals of Equity Release) is a one-hour exam of 50 stand-alone multiple-choice questions. EQRS (Equity Release Solutions) is a one-hour exam of 3 case studies with 10 linked multiple-choice questions each. Both are entirely multiple choice.

What is the CeRER pass mark?

You need 70% on each unit: 35 out of 50 for FOER and 21 out of 30 for EQRS. Each unit can also be passed at Merit (80%) or Distinction (90%), so there is a reason to keep practising once you are comfortably above the pass mark.

Is CeRER worth doing after CeMAP?

A firm cannot offer equity release advice without CeRER-qualified advisers, so it widens the work you are permitted to do. For an adviser who already holds CeMAP, it is a single additional module, which is a smaller commitment than starting a separate qualification. Whether that is worthwhile depends on how much later-life lending work you expect to see.