Confusion between sale-and-rent-back and equity release
Safe Home Incom Plans (SHIP), the industry body that was set up by the leading plan providers for the protection of plan holders, found that some sale-and-rent-back companies were portraying themselves as a form of equity release. However, unlike the sale-and-rent-back industry, equity release which includes lifetime mortgages and home reversion plans are fully regulated by the Financial Services Authroity (FSA) giving plan holders peace of mind that comes with a fully regulated industry.
SHIP has therefore set up a check list to clear up the confusion because unlike sale-and-rent-back schemes all equity release plans come with the guarantee that you can remain in your home until you pass away or move into long-term care, with no fear of repossession.
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