<b>Free to read on publisher website</b> The emerging mobility management schemes for the fifth generation (5G) of mobile networks mostly follow the network-based protocol principles, which do not involve the mobile node (MN) in their operation. Such solutions have not been able to meet the ultra-low handover latency requirement in complex mobility scenarios in 5G. These objectives can be potentially achieved through increased involvement of MN in the handover operation, which can now be conveniently effectuated through virtualization technologies. In this regard, the classical host-based Fast Handovers for Mobile IPv6 (FMIPv6) protocol has the potential to offer several benefits due to its distinctive features, such as link-layer assistance for handover preparation, in-advance new care-of address formulation, and buffering services. Several enhancements to the FMIPv6 protocol have also been proposed, which improve its handover performance. Many of these enhancements focus on the baseline FMIPv6 specification, while others aim to enhance its operation by adding support features, such as mobile multicast, vertical handovers, quality of service assurance, as well as security support. Moreover, several enhancements to the access-technology-specific solutions for FMIPv6 have also been proposed. This paper aims to provide a systematic review of FMIPv6 enhancements in order to gain insight into its advantages as well as its shortcomings. Based on the review, this paper also discusses the evolution prospects of FMIPv6 toward 5G. Finally, some of its potential limitations along with possible research directions in the context of 5G are also indicated.