Andrea Rozario, Director General of SHIP, the equity release trade body, comments on the Counsel and Care research into confusion surrounding the care system.

“I am not suprised that so many people are confused by the complexities of the elderly care system, especially when it can differ between each region. When there is no consistent path to follow, people are left unsure of how to arrange care, and also how to fund it.

“With 64% of people that they haven’t thought about how they will pay for care, and local authorities and the Government unable to pick up the cost for everyone then we are left with the worrying situation of people not being able to fund care that is vital for them.

“Equity release allows people to make use of the equity tied up in their homes and could be used as a way of paying for any care needed. Rather than adding to the stress of arranging care, equity release provides people with the choice of staying in their home which can be a real comfort. It is important that people seek as much advice as they can – financial and social – in order that they are as prepared as possible”.