Norfolk Financial Services News

Equity release valuable care tool, say SHIP

Equity release provider trade body SHIP has welcomed the Government’s Green Paper consultation on the future of care and proposes a more central role for equity release.
SHIP said the funding option review is not comprehensive enough, although it welcomed the government’s decision not to increase the tax burden on UK citizens.
Andrea Rozario, director general of SHI, said: “Under the current system with its maximum asset limits, some older people have been forced to sell their homes in order to fund their care needs.  This is a problem we believe will continue under some of the funding proposals in the paper and one that we believe equity release could help with.

“80% of the UK’s wealth is held by the older generation and by providing them with this choice it not only allows them to make use of what is likely to be their largest asset, but also gives them a wider choice of care option.  Delivering a simple effective method by which those entering long term care can access an equity release scheme with all the safe guards and rights that people currently receive from products offered by SHIP members is something that is worthy of serious consideration.

Posted by Kevin Stelfox