Nigel Waterson, Chairman of the Equity Release Council comments on the Age UK and FSC report on financial resilience in later life:

“The Age UK and FSC report highlights the great value that equity release can provide to millions of over-55s who lack the savings or pension for a comfortable and enjoyable retirement. We agree wholeheartedly with the calls for increased co-operation and collaboration with both government and the mortgage industry, and The Council is working with partners in both arenas to support greater understanding and wider access to equity release.

“Equity release has witnessed significant growth of lending in the last year with some providers also announcing new flexibilities on capital and interest repayments. Continuing innovation will play an important role in boosting the uptake of equity release, and renewed interest from regulators and new entrants in the potential for product development bodes well for the future.

“As the report also argues, access to information and guidance is absolutely essential for older consumers to properly understand how equity release can help them. For example, the realisation that you can use equity release and also protect an inheritance for your children can go a long way towards encouraging more people to consider this route.

“Referencing equity release in all retirement-related information and guidance would be a huge step forwards. We firmly believe that anyone examining their financial options for retirement should have it on their checklist to consider how their housing wealth – so often their most valuable asset – can improve their prospects.”