This is in response to an increase in the number of people over the age of 60 coming to the charity for help with their debts. These clients tend to have higher debt levels and regularly experience income fluctuations due to changes in circumstance, illness or retirement. Many are asset rich but cash poor and equity release is often their only method of repaying their debts without having to sell and move home.
Launching with three dedicated equity release advisers, CCCS Equity Release is committed to working with all stakeholders to improve the quality of advice in the industry and to reduce the costs involved with transacting an equity release plan.
The launch of CCCS Equity Release has been welcomed across the industry. Jon King of Hodge Equity Release said: "I welcome this innovative new concept in equity release advice. It is an important addition to the range of services available to those looking to release equity from their homes."
The introduction of a charity based, fee free service is also supported by consumer champion Which?: “Which? welcomes the launch of this invaluable service and has already referred several older people struggling with debt who have contacted the Which? money helpline. This service will provide another vital source for clear, unbiased but high quality advice on the tricky area of equity release for those in debt.”
Tom Moloney, CCCS equity release manager, adds: “CCCS is proud to have created a safe environment in which clients can assess their equity release options. Equity release can be a fantastic lifeline for some clients but should only be considered as part of a long-term debt solution programme.
“With this particular product, it is crucial that all clients receive impartial advice. To ensure complete transparency, our advisers are employed on a salaried basis with no commission, sales bonuses or sales targets. We want our advisers to have the freedom to offer real whole of market advice.”
