David Burrowes, Chairman of the Equity Release Council commented:
“We welcome the common-sense recommendation made by the Local Government Select Committee within its Housing for Older People report, that older consumers should be signposted to advice on equity release as one of a range of housing finance options that can help meet their needs in later life.
“The launch of a single financial guidance body provides a vital opportunity to ensure older people are able to access specialist advice, tailored to their circumstances, and a unique window to ensure they are made aware of all options available open to them.
“We are also delighted with the recognition within the Committee report of the standards and protections that exist in today’s equity release market – giving people confidence that they can release some of their housing wealth to fund property repairs or adaptations, among many other potential uses.
“With nearly 67,000 people making use of equity release in 2017, more consumers are making practical use of their housing wealth to plan their finances more effectively for later life. With the UK’s ageing population and uncertainty over care funding needs, it is vital we consider all possible routes to dealing with these broad economic and social challenges. There is no one-size-fits-all solution, but it is clear equity release has an increasingly important role to play.”
Original source: click here