The Equity Release Council comments on publication of Local Government Select Committee’s Housing for Older People report
David Burrowes, Chairman of the Equity Release Council commented:
“We welcome the common-sense recommendation made by the Local Government Select Committee within its Housing for Older People report, that older consumers should be signposted to advice on equity release as one of a range of housing finance options that can help meet their needs in later life.
“The launch of a single financial guidance body provides a vital opportunity to ensure older people are able to access specialist advice, tailored to their circumstances, and a unique window to ensure they are made aware of all options available open to them.
“We are also delighted with the recognition within the Committee report of the standards and protections that exist in today’s equity release market – giving people confidence that they can release some of their housing wealth to fund property repairs or adaptations, among many other potential uses.
“With nearly 67,000 people making use of equity release in 2017, more consumers are making practical use of their housing wealth to plan their finances more effectively for later life. With the UK’s ageing population and uncertainty over care funding needs, it is vital we consider all possible routes to dealing with these broad economic and social challenges. There is no one-size-fits-all solution, but it is clear equity release has an increasingly important role to play.”
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About the Equity Release Council – www.equityreleasecouncil.com
The Equity Release Council is the industry body for the equity release sector, which represents over 500 members including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.
It works to ensure a safe equity release market for consumers, by operating rigorous Standards for the provision of advice and products which guarantee security of tenure and financial protections. 2016 marked the 25th anniversary since the first industry Standards were created for equity release in 1991. Since then, nearly 370,000 people have taken out an equity release plan from a Council member, drawing on nearly £18bn of housing wealth.
The Council also works with consumers, industry and policy makers to improve awareness and understanding of equity release and the potential for housing wealth to help solve many of the financial challenges facing people over the age of 55 across the UK.