Equity release market to be overseen by FSA

property

The FSA is to oversee the equity release market, including home reversion plans, within the next two...

The FSA is to oversee the equity release market, including home reversion plans, within the next two years. Under home reversion plans a homeowner agrees to sell all or part of their home in return for a lump sum payment and the right to remain in the house rent-free until they die or move home. Ruth Kelly, Treasury Financial Secretary, said: "Buying a home reversion policy is a huge financial decision involving the most important, and sometimes only significant, asset of elderly people. Regulation will help people to make informed choices, offer valuable consumer protection and ensure th...