Carers 'could turn to equity release'

An increasing number of people could opt for equity release plans in future in order to raise much-needed funds, it is believed.

Equity release could be one of the options on the table for ill or elderly people and their carers, after Emily Holzhausen, director of policy and public affairs at Carers UK, said that many people may be forced to sell their homes to raise funds.

The costs of even the most basic services are "soaring", she claimed, meaning that many are struggling to afford the cost of residential care.

She argued that the care system is facing a crisis, which the new government cannot ignore.

"Family members who provide care are falling out of work and into ill-health and poverty. We cannot wait any longer for change," she warned.

Leading equity release trade body Safe Home Income Plans also recently called on the main political parties to take urgent action as regards the issues relating to the country's ageing population.

Ashall Glover Financial Services are equity release specialists