Friday, 30 January 2009

Growing interest in equity release

More and more Shropshire residents are turning to the equity tied up in their homes to beat the credit crunch. And for many people, taking a lump sum from the investment they’ve made over several decades, may well be the only option they have.

Simon Wagner, who is based at our head office in Telford, said: “The profile and popularity of Equity Release is growing rapidly, and now this method has been given an extra boost on a national scale with debates even taking place in the House of Lords.”

“They looked at the way Equity Release was linked to retirement planning, and the role of Safe Home Income Plans (SHIP), the trade body representing over 90 per cent of the equity release sector. The aim was to come up with a consultation document on how to best achieve a result where significantly more people were using safe equity release,” said Simon.

“Many people are struggling to finance their retirement, and yet may be unaware they are sitting on a valuable asset they could use to make their life easier. By raising the profile of Equity Release, we hope to encourage people to use it safely, and they could find they are able to stay in their own homes for longer, rather than being forced to downsize because they can’t afford to live their lives.

“But it’s important to seek advice from a reputable independent financial adviser, and make sure you instruct lawyers who have a real knowledge of the process."

To find out more about our Equishield service, which guides clients through the complicated equity release process, visit www.equishield.co.uk