Wednesday 13th of May 2009
Equity release is likely to become increasingly important as a result of the economic downturn, it has been stated.
A poll of charities, consumer groups and equity release providers - carried out by Safe Home Income Plans (Ship) and law firm Eversheds - revealed that 92 per cent hold this view.
Director general of Ship Andrea Rozario explained that those who are in retirement have £700 billion tied up in equity and noted that the financial crisis makes it all the more important for this to be released.
Consumers who were hoping that equity would help address their debt problems, but have found they are unable to release it, may wish to consider non-borrowing solutions such as individual voluntary arrangements to repay what they owe in a more affordable way.
Ship recently revealed that the amount released during the first quarter of the year was 16 per cent higher than in 2008.
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- Equity release 'needs to be increased'
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- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Brits spending 'what they have, not what they can get'
