Government action on equity release 'crucial'

A leading equity release trade body has reiterated its call for government action to simplify equity release procedures from a consumer perspective.

Andrea Rozario, director general of Safe Home Income Plans (SHIP), said it is "crucial" that the next government clarifies the relationship between equity release and state benefits.

She was speaking after SHIP published its latest data which shows that advances from home reversion plans rose by ten per cent in the first three months of this year from the previous quarter.

The total number of equity release customers remained fairly stable, according to SHIP's figures, falling from 4,888 in Q4 2009 to 4,716 in Q1 2010.

Ms Rozario recently argued that equity release schemes are a logical option for people as they carry out their future financial planning.

Equity release may not be the most appropriate choice for everybody but it would be "ridiculous" to not even consider it, she added.

Ashall Glover Financial Services are equity release specialists