Home equity release schemes 'worthy of serious consideration'

Equity release plans could be a useful means of raising funds for many consumers.

That's according to Andrea Rozario, director general of Safe Home Equity Plans (SHIP), who has called on the government and industry to ensure that consumers have confidence when they opt for equity release schemes.

For the vast majority of homeowners, their property is their most valuable asset, she commented.

"And an equity release plan, with all the safeguards and rights that people currently receive from products offered by SHIP members, is something that is worthy of serious consideration," Ms Rozario said.

Equity release can play a "valuable" role in helping people to fund their retirement and care needs later in life, the expert added.

Customers of Lloyds Banking Group are among those who could benefit from home income plans in future, after it launched a new scheme that enables customers with variable rate mortgages to overpay by up to 20 per cent without any financial penalty.

Ashall Glover Financial Services, experts in home equity release schemes