A short history of home income and equity release plans

n 1965, the first reversion income scheme was introduced by Home Reversions (later named Hodge Equity Release). During 1972, the first home income plan based on a mortgage and annuity was issued. Cash reversion plans were introduced in 1978 by J G Inskip & Co. (later incorporated under Home & Capital Trust Ltd.). In 1986, Stalwart Assurance (later named GE Life) and Allchurches Life Assurance (now Ecclesiastical Life) introduced schemes. Unsafe schemes including investment bond schemes and rollup plans with variable interest rates began to appear in 1988. These left many elderly people in financial difficulties, and were banned in 1990.

In 1991 SHIP was launched to promote safe schemes.

The founder members were Ecclesiastical Life, Hodge Equity Release, Home & Capital Trust and GE Life.

Since then SHIP has enabled the home income plan market to expand again. Surveys carried out by member firms point to over 98% of plan holders being happy with their plans.