Andrea Rozario, chief executive of SHIP, has stated that the Government should assist in helping to raise more awareness of equity release as a real option for the retired population.
She commented on yesterdays Government white paper on elderly care, “SHIP welcomes the Health Secretary’s white paper on social care. With an ageing population and pensions failing to cover the costs of elderly social care, it is a problem that does, and will affect us all and needs to be addressed urgently”.
Equity Release schemes therefore can have an important part to play.
A vast majority of homeowners now realize their home is their most valuable asset and equity release could be a serious consideration in assisting financial planning into retirement.
In addition…
“The current system sometimes places elderly people in the position where they must sell their home to pay for long-term care that they may require. By limiting the number of years that the elderly will have to pay for residential care to just two, the suggestions in the white paper may be a step towards combating this problem.”
For further advice on how lifetime mortgages or home reversion schemes can assist with care & retirement planning issues please contact Mark Gregory on 0800 783 9652 or
