Age UK Report Delights SHIP
Following the release of a research paper by Age UK, looking into equity release, Safe Home Income Plans (SHIP) – the trade body for the equity release market – have responded in a positive manner to the findings.
Age UK’s report – Housing and Finance in Later Life – showed that as many as a third of equity release customers are using the service to clear debt, whilst it also showed a high level of satisfaction amongst customers. Laurie Edmans, chairman of SHIP commented on the findings. She said:
“Age UK is a hugely respected voice on issues affecting the over 55s and we are delighted that they have chosen to review the equity release market in more detail.”
“A Case for Equity Release as a Part of Retirement Planning”
She continued by saying that the high level of satisfaction amongst customers was encouraging and should “dispel some of the myths.” She said:
“The feedback within the report shows that there is a high level of satisfaction amongst equity release customers – a ringing endorsement of an often maligned industry.
“SHIP has campaigned long and hard over the years to introduce and support a raft of safe-guards aimed at dealing with past problems.
“The no-negative equity guarantee and introduction of specialist equity release qualifications are but two of the steps that the industry has taken to ensure that customers are able to access the equity in their homes with confidence.
“When this new report is considered alongside evidence from the Pensions Policy Institute and the SHIP discussion paper, the case for equity release to be seen as a standard part of retirement planning is serious and close to becoming irrefutable.”
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