Equity release ‘makes sense’

Posted 25/11/2011

Equity release could be a financial product worthy of consideration by older people and an expert has said it “makes sense”.Mario Ambrosi, head of public affairs at Anchor, explained individuals in their later years are far more likely to own their home outright than younger people.Speaking to the Guardian, he said the financial industry is looking at equity release in detail, which could see it become increasingly popular in the coming years.”Raising money against the value of a property can enable older people to fund repairs, adaptations or home care, allowing them to stay in that home longer,” added Mr Ambrosi.He also noted bodies such as the Joseph Rowntree Foundation are working on new ways to develop solutions for those looking into equity release plans.Paul Rumbold, an independent financial adviser at Wayne Austin IFA, recently stated equity release can help to provide a higher income for individuals in their retirement.