Safe Home Income Plans (SHIP), the industry body for the equity release sector, has hit out at the Tonight with Trevor McDonald progamme for wrongly confusing sale and rentback schemes with equity release.
The documentary investigated people who had lost their homes due to shared appreciation mortgages (SAMs) and sale and rentback schemes but SHIP says they were wrongly classified as equity release products. SHIP says it has never endorsed either scheme and claims it issued warnings about SAMs to the media when the schemes were first marketed in the late 1990s. The trade body also says it is important people realise that sale and rentback is very different from regulated equity release. Jon King, chief executive of SHIP, explains: “In sale & rentback, there is no security of tenure for the...
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