Public to have say on Home Equity Conversion Schemes

Hon Ruth Dyson
Minister for Senior Citizens

30 October 2006
For Immediate Release

The public is being asked to provide feedback on a code of practice for Home Equity Conversion Schemes, Minister for Senior Citizens Ruth Dyson announced today.

"Home Equity Conversion schemes allow older people to release some of the capital they have in their homes so that they can improve their lifestyle and age in place. 

"The release of several new home equity release products into the New Zealand market recently has raised issues about standards and practices associated with reverse mortgages and other similar products.

"Having minimum standards in a code of practice will provide protection for older people and give them a degree of confidence in these schemes. The Office for Senior Citizens will draft standards by gathering submissions from key stakeholders, including seniors groups, financial organisations and the public.

"The information provided in submissions will give the Office for Senior Citizens a better understanding of the range of views, interests and concerns, enabling these to be taken into consideration when proposals for standards are developed.

"I have asked the Office for Senior Citizens to provide the recommendations for Home Equity Conversion standards by mid 2007," said Ruth Dyson.
Submission Information

The Office for Senior Citizens has produced a public discussion document with an attached submission booklet.

The public discussion document and submission booklet is available from the Office for Senior Citizens from 1 November.

•  Phone (04) 916 3758 to be sent a copy

or

• go to www.osc.govt.nz to complete a form online or print out and post back

The submission period is from 1 November 2006 to 31 March 2007.

Contact Ria Keenan, press secretary, phone (04) 471 9342, 021 227 9342