Can equity release fund care for the elderly?
23-07-2010 11:10
Equity release schemes, equity release
Equity release schemes could be a reliable source of funding and help in care of the aging population in the UK.
Safe Home Income Plans (SHIP) has welcomed the recent announcements made by the government regarding its commitment to providing long-term care for the elderly.
Andrea Rozario, director general of SHIP, said: "Many people are still unaware that equity release can be used to fund domiciliary care - yet for a majority of over 65s their largest asset is their home and these products can play a real part in addressing this need.
"Indeed, equity release can allow consumers to fund care whilst remaining in their homes, in familiar surroundings, and through a range of existing proven product choices."
According to recent statistics made public by SHIP equity release is growing in popularity. The total amount of equity release taken out in the second quarter of the present fiscal year was £196.7 million.
Ashall Glover Financial Services are equity release specialists
Posted by Edward Simpson