Archive for March, 2009
Take equity release advice from a specialist, advises charity
A spokesman for a leading charity for the elderly has highlighted the importance of taking good quality financial advice when considering equity release.
The charity’s Chief Executive has stated: “Many older people who are ‘asset rich, cash poor’ look to equity release as a way of raising extra cash and, for some people, it can be a very good way to help ease financial pressures in later life.”
Equity Release could fund elderly parents’ care for 50% of adult children
Recent research from Liverpool Victoria (LV=) has revealed that releasing equity from a parents’ home could fund the cost of care for half of UK adult children.
LV= estimate that the average cost of caring for an elderly parent is £132,000, which is why so many would potentially use equity release to cover such high costs.
Equity Release a solution for those forced to retire at 65
Age Concern is reported to have condemned the European Court of Justice’s recent decision that British firms can continue to make retirement at 65 compulsory. Age Concern and Help the Aged have joined forces to call on the government to scrap the default retirement age and to stop sending mixed messages by encouraging UK workers to work past the age of 65 and then making it impossible for them to do so.
Age Partnership Launches Equity Release Forum
Age Partnership has launched the UK’s first independent forum dedicated to equity release. Commenting on the development Tim Loy, Chief Executive of Age Partnership said, “The Forum is designed to help improve consumer awareness and understanding of equity release. It provides an opportunity for people who have already taken out an equity release plan to share their experiences and for people considering equity release to find out more and answer any questions they may have. This is part of our continuing commitment to Treating Customers Fairly and has already been warmly received by our clients”.
