Equity release schemes can give "peace of mind"
09-07-2010 11:05
Equity release advice, equity release schemes, equity release
Equity release advice can help people assess their financial situation better and decide the way forward.
Andrea Rozario, director general at Safe Home Income Plans (SHIP), said that the equity release could be the right option for some people.
She explained: "If they look to equity release and that is the only option that they have got to help get rid of their debt, [then] at least they know that they have still got a roof over their heads and they can have peace of mind that they have got security of tenure."
Her comments follow in the wake of recent statistics made public by Age UK which shows that 35 per cent of people going ahead with equity release schemes used the additional funds to pay back their debts.
Another 46 per cent used the money from the schemes to maintain and repair their houses or even invest in home improvement projects.
Thirty-six per cent of people also used this money to fund their holidays, claimed the report from Age UK.
Ashall Glover Financial Services advising on equity release schemes
Posted by Louise Tilston