See, now that was a much more informative post than posting smilies now wasn't it? Everyone got something out of that - it is a shame you had to front yourself as a know it all across several posts before you shared something of interest.
Presumably you are in the industry and hence a bit triggered? Can you vouch for the regulation being bullet proof or are there still black holes? Are all mortgage providers part of the Equity Release Council, or is that optional membership? How much is the cost of a 20% release, typically? Is your debt doubling over 11 years worth a new bathroom that you've sold some old grandma?
Edit: love that you felt the need to edit your post to add the sarky comment at the end lol. Pathetic.
I'm far from a know it all, but if I see posters nailing their colours to very wonky masts I'm absolutely going to have a bit of fun with it. Don't take it personally.
No regulation is bullet proof and the current regulations are a direct result of what was (a long time ago) a bit like the wild west. Thankfully this has been addressed due to cases coming to light where spouses had coerced their partner into a mortgage (or taken one out behind their back) or borrowers had fallen into crippling negative equity. But on the scale of people being duped by minibonds or unregulated investments, lifetime mortgages are actually pretty vanilla products. The FCA is also (rightly) adopting a very harsh stance on assessing vulnerable clients and advanced age (65+) is very much considered by them to be a vulnerability.
Not all equity release providers are ERC members and it is voluntary, but it's also pretty much like the kite mark. It doesn't cost anything to be a member and nobody worth their salt would use a non ERC members product. The interest rate on a lifetime mortgage is fixed for life or if variable must have a stated cap, generally speaking the interest rate offered will be guided by loan to value - larger loan = higher interest rate. The last few I've arranged were around 30-35% LTV and the interest rates were fixed at between 2.3 - 2.6%, so really doubling of debt would be closer to 20 years and even then you've got to factor in house price growth over that same period which will help to offset the cost of the loan. Mortgagors can make optional repayments too if they choose, though it usually makes more sense to borrow a lesser amount.
Given the absolute arse ache of arranging a lifetime mortgage, it's not really a product you'd recommend without very sound reasoning. Plus there's the incredible long tail for complaints if the client or their heirs believes the product was missold to them. So would I trash my career over a lifetime mortgage for home improvements? No chance. Would I recommend one to mitigate a six figure inheritance tax bill that is demonstrably in the client's best interest? It's a no-brainer.
Home reversion plans on the other hand... I wouldn't touch them with somebody else's barge pole. They are now subject to much more rigorous regulation, but generally speaking the provider will pull your pants down over the price of your home in exchange for a quick sale and no debt. Thankfully it's a very niche market.