Safe Home Income Plans (Ship) has greeted the findings of a Financial Services Authority (FSA) report into lifetime mortgages positively, according to reports.

The FSA investigation into feeling towards shopping for and purchasing lifetime mortgages showed that consumers seemed to comprehend the risks associated with such products.

Contained in the second stage of the Mortgage Effectiveness Review, the FSA found that consumers saw the Key Facts Illustration document as particularly important and useful when it came to lifetime mortgages.

"Lifetime mortgages are an extremely useful product for many people who need to release value from their property for whatever purpose," said Andrea Rozario, director general of Ship, according to Mortgage Solutions.

The second stage of the effectiveness review also took into account the sub-prime mortgage sector, as this was also deemed an area of greater risk for consumers in the mortgage market.