Commenting on the Queen’s Speech, Nigel Waterson, chairman of the Equity Release Council, said: “Alongside the single-tier pension and cap on care costs, the Queen confirmed the government’s aim to protect the elderly from having to sell their homes to pay for their retirement. This reflects our sentiments exactly.
“Many people’s homes are their largest asset but there is a distinct ‘knowledge vacuum’ when it comes to understanding how equity release products can support their finances. Equity release allows people to access a proportion of their property’s wealth while retaining the right of tenure – safe in the knowledge that they can choose to protect part of its value and will never owe more than the property is worth.
“Her Majesty declared that the government plans to promote a fairer society by rewarding those who work hard and supporting those who have saved for retirement. To achieve this, we believe the availability of information on equity release through professional advisers should be supported by the government and local authorities through awareness raising campaigns, so the over-55s are fully informed about how their property assets can help them avoid financial hardship in later life.”
