SHIP launch equity release discussion paper
The equity release trade body SHIP (Safe Home Income Plans) launched a discussion paper at an industry conference in London on Monday 27th July called ‘Facing the future, redefining equity release’, which examines the changing equity release customer base.
Equity release customers are now more diverse in their circumstance, and are using equity to fund a range of options, including funding care, supplementing a low income, tax, estate planning, or lifestyle enhancements.
How to meet the needs of different equity release customers
The SHIP debate into how the sector can better meet the needs of different customers involves key stakeholders including Government, regulators, consumer organisations, the voluntary sector, and the equity release industry. SHIP will debate the issues with all of these stakeholders and announce the findings in due course.
SHIP is also calling for the Government to launch a formal enquiry into the role which equity release could play in helping to fund retirement needs.
Andrea Rozario, director general of SHIP said:
“There needs to be a wide ranging debate about the way housing equity may be used in the future, reflecting wider social and economic trends. The people who could benefit from equity release and the products and risks associated with them are not the same as they once were.”
“At present, products available tend to be ‘one size fits all’ whereas people’s needs vary greatly.”
“As an industry we wish to determine how we can respond to this challenge. We invite, as well as Government, the FSA, the third sector, consumer bodies, the legal industry and advisers to work with us to determine how we can help the market to grow safely and adapt for the benefit of the consumer, the government and the wider economy.”
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