“Equity Release Can Allow Consumers to Fund Care”
Safe Home Income Plans (SHIP) has responded in a positive manner to Secretary of State for Health, Andrew Lansley’s comments regarding the ‘Commission on the Funding of Care and Support’.
Director General for SHIP, Andrea Rozario is encouraged to see action being taken and she hopes that equity release will receive appropriate consideration. She said:
“SHIP welcomes the publication of the terms of reference for the ‘Commission on the Funding of Care and Support’, following the Government’s coalition agreement of their commitment to address the issue of long-term care. Furthermore the inclusion of the Financial Services sector in this process means we hope that equity release will receive appropriate due consideration as a funding option.”
People Unaware Equity Release Can Fund Domiciliary Care
With the issue of funding care in retirement one that requires urgent attention, SHIP have been working hard to champion the potential role that equity release can play. Ms Rozario continued by saying:
“The problem of the UK’s ageing population is not a new one, but we have yet to see a comprehensive solution to the problem of funding social care.
“Many people are still unaware that equity release can be used to fund domiciliary care – yet for a majority of over 65s their largest asset is their home and these products can play a real part in addressing this need. Indeed, equity release can allow consumers to fund care whilst remaining in their homes.”
Equity release has the potential to unlock a tax-free lump sum from the value of your property.
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