Older people ‘should seek equity release advice’

Posted 07/09/2009

Pensioners have been reminded of the need to take professional advice on equity release when looking to increase their retirement funds.

Andrea Rozario, director general of Safe Home Income Plans, has called for pensioners to seek counsel from qualified and knowledgeable sources which can help them explore all available financial options.

The advice comes in response to recent figures from Just Retirement Solutions which show that one in four of its customers are not claiming state benefits that are owed to them.

Ms Rozario suggested that this could be avoided by pensioners taking professional advice, as this would allow them to systematically review their state entitlements.

She said: “It is disturbing that state benefit entitlement is so poorly understood but, as far as equity release is concerned, this highlights the importance of obtaining thorough advice from a properly qualified source.”

This comes after Dean Mirfin, group director at Key Retirement Solutions, last month stated that taking advice on equity release was advisable for any retiree looking to get the most from their finances.