S.L. 371.21 Art. 4Undertaking against negative equity and no additional security.

The parties to an equity release financial product shall expressly agree that the transfer to the creditor of the security or proceeds from the sale of the security is sufficient to repay the credit.

There shall be an undertaking by the creditor against negative equity so that on termination of the equity release financial product the consumers or their heirs will never be obliged to pay more to the creditor than the value of the residence (the security for the equity release financial product). The creditor shall not have the right to request any security for the equity release financial product other than a charge over the residence of the borrower or a right relating thereto and a charge over an adequate property insurance over such residence or right relating thereto.