Equity release advice ‘leads to informed choices’

Posted 15/12/2009

Equity release customers who seek legal advice on their options are more likely to make an informed and practical choice, according to a trade association.

The Equity Release Solicitors’ Alliance (ERSA) has called on those looking to bolster their retirement funds by releasing equity to first consult the relevant literature and review their choices.

It pointed to figures from a recent ERSA poll which suggests that 83 per cent of equity release customers read through guides and pamphlets before committing to a scheme.

Claire Barker, chairwoman of the body, said this was the correct attitude and recommended that clients seek to make themselves as informed as possible in order to help them make the right decision.

She said: “Equity release is not a decision that should be rushed into and customers are advised to seek both independent financial and legal advice before proceeding with a policy.”

Earlier this month, Saga Personal Finance reminded older homeowners that they can use equity release to fund a variety of post-retirement ambitions, such as going travelling or making home improvements.