Equity Release Schemes in the European Union

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1 Reifner Clerc-Renaud Perez-Carillo Tiffe Knobloch Equity Release Schemes in the European Union institut fur finanzdienstleistungen e.v.

2 Contents PREFACE I EXECUTIVE SUMMARY V TABLES XXIX FIGURES XXX 1. THEORY OF EQUITY RELEASE SCHEMES (ERS) Definition Descriptive (legal) definition: 'Mortgage', 'Reverse', 'Lifetime', 'Pension' Functional (economic) definition: 'Equity' and 'Release' Additional elements: 'Owner Occupancy' and 'Pensions' Forms of equity release Sale Model ERS Loan Model ERS Comparison Summary METHODOLOGY Tasks, existing literature and stakeholders Tasks of the study Literature and internet resources 20 XIX

3 2.1.3 Meetings with stakeholders Empirical survey Individuals and organisations interviewed Questionnaires General overview of responses SOCIO-ECONOMIC SURVEY Markets for ERS Volume Developments - the UK example Parties involved in ERS Providers Consumers Products General description Data basis for the description of existing products Common criteria for all ERS Procedure Personal restrictions Property restrictions Form of payments Control of payments Security of payments Combined products Contractual terms Loan Model products Sale Model products Summary 86 XX

4 4. SOCIO-ECONOMIC ANALYSIS Market analysis: Housing, credit and pensions Opinions of stakeholders Quantitative data on market conditions for ERS Property market indicators Capitalisation and mortgage markets Pensions provision \ Market barriers Cultural barriers Economic barriers Credit and elderly people ?2.2 Credit crisis and ERS Risks and benefits Benefits of ERS Benefits for the providers of ERS 131, Benefits for consumers of ERS Risks of ERS Risks for the providers of ERS Risks for the consumer of ERS Summary LEGAL ANALYSIS - LEGAL FRAMEWORK AND LEGAL BARRIERS General Overview Historical background Legal framework of ERS and legal definitions Loan Model ERS Sale Model ERS 169 XXI

5 5.1.3 Main barriers pointed out by national legal experts Authorisation and Supervision General licensing and notification required for credit provision Special admission rules for ERS Supervision Insurance law Taxes and Benefits Tax law Benefits law Consumer Law Information and advice Consumers information and advice Other interested parties (family or dependency relationship) Potential information requirements under EU law for Loan Model ERS Independent advice Early repayment Compound interest (anatocism) Amortisation Soft law: self-regulation, codes of conduct and recommendations Surety law Lack of data for risk evaluation Transfer of title Transfer of sureties Mortgages for future debt Bankruptcy law Safety of assets in case of bank bankruptcy 224 XXII

6 5.8.2 Debt recovery in case of depreciation of home and consumer bankruptcy Summary COUNTRY REPORTS: INTRODUCTION GROUP 1: MEMBER STATES WITH SIGNIFICANT ERS United Kingdom General information Products Providers Markets Legal situation Licence Regular controls and Supervision Regulation of intermediaries Bank Law Housing Law Self-regulation - SHIP Consumer protection legislation Reasons for slower than expected development of the markets Legal barriers Economic barriers Cultural barriers Risks and benefits For providers > For consumers Spain General information : 307 XXIII

7 7.2.2 Products Providers Markets Legal situation Reasons for lack of further development of the markets Legal barriers Economic barriers Consumer barriers * Cultural barriers Risks and benefits Ireland General information Markets and products Providers Legal situation Reasons for lack of further development of the markets Legal barriers Cultural barriers GROUP 2: MEMBER STATES WITH LESS DEVELOPED LOAN MODEL ERS MARKETS France General information Products Providers Markets ' Legal situation Reasons for undeveloped markets Legal barriers Economic barriers 360 XXIV

8 Cultural barriers Risks and benefits Hungary General information Markets and products Providers Legal situation > Reasons for undeveloped markets Italy General information Products Providers Markets Legal situation Reasons for undeveloped markets Legal barriers Economic barriers Cultural barriers Finland General information Products Providers Markets Legal situation Reasons for undeveloped markets Economic barriers Cultural barriers Risks and benefits Sweden 416 XXV

9 8.5.1 General information Markets, products and providers Legal situation Risks and benefits Germany General information Providers and products : Markets Legal situation Reasons for undeveloped markets Legal barriers Economic barriers Cultural barriers Risks and benefits Austria General Information Providers and products Markets Legal situation Reasons for undeveloped markets GROUP 3: MEMBER STATES WITH SALE MODEL ERS ONLY Romania General information Products Providers Markets Legal situation Reasons for undeveloped markets 449 XXVI

10 Legal barriers Bulgaria General Information Providers Markets Legal situation GROUP 4: MEMBER STATES WITH NO ERS Belgium General information ,.2 Markets, products and providers (none) Reasons for undeveloped markets Legal barriers Cultural barriers Risks and benefits Malta General information Markets, products and providers (none) Legal situation Reasons for undeveloped markets Legal barriers Economic barriers Cultural barriers Recommendations of a Maltese expert group on ERS (2005) Greece General information Reasons for undeveloped markets Portugal 493 XXVII

11 General information Markets and products (none) Legal situation Barriers Social and cultural barriers Poland General information ; Markets and products (none) Legal situation Barriers Slovakia General information Legal situation Denmark General information Mortgage market, legal situation and ERS Reasons for undeveloped market The Netherlands General Information Markets and providers Products Legal situation Reasons for undeveloped markets Risks and benefits Other Member States Cyprus Czech Republic Estonia 524 XXVIII

12 Latvia 525 Lithuania Luxembourg Slovenia ANNEXES Selected bibliography List of ERS providers in the EU Participation list of stakeholders Participation list of legal experts Glossary of some English-speaking definitions Equity Release schemes - terms in the EU languages 547 Tables Table 1: Differences in design 15 Table 2: Research dimensions 29 Table 3: Participation by Stakeholder group 31 Table 4: Number of providers as indicated by national regulators 34 Table 5: Total amount of ERS (Loan Model and Sale Model) sold in Table 6: EU providers of ERS ; 42 Table 7: Development of ERS 47 Table 8: Age of users in practice 53 Table 9: Number of providers by type 57 Table 10: Overview on payment forms 72 Table 11: Loan to value ratio (LTV) 80 XXIX

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