The report was published by the Select Committee on Public Service and Demographic Change and sends the government the strongest signal yet that the public has to be encouraged to use their housing wealth to support their retirement years.
The report also said the need for people to think about their retirement income and shopping around for enhanced pension annuities, which can deliver up to 40% more income in many cases, has to form part of this.
Simon Chalk, technical manager for Equity Release at Age Partnership, said: “It is beginning to look as though Government is waking up to what we have been saying for years; that the nation’s retirement prosperity lies in its own hands.
“If they choose to embrace the Lords’ recommendations, the equity release market is ready to respond.”
