Pensioners urged to consider the commitment of equity release
A leading older people's charity has urged pensioners to think carefully before releasing equity from their homes.
The Resolution Foundation recently reported that over-65s have £500 billion in un-mortgaged equity in their properties.
Age Concern's director-general Gordon Lishman says older people who are "asset rich, cash poor" may consider equity release as a way of supplementing their pension incomes or funding care in their homes.
However, he underlines the "major commitment" associated with such a decision, advising pensioners to "check they are receiving all the benefits they are entitled to and seek good quality financial advice".
The news comes as insurance group LV= releases figures showing the growing financial pressures people caring for elderly relatives face as the recession deepens.
LV= finds half of those caring for their parents say their mums and dads would release equity from their property to ease the burden of paying for care bills.
Related Stories
This news is available in 