The pressures on the finances of the elderly are increasing. Improving health and life expectancy mean that money has to stretch further. Coupled with unpredictable stock markets, low interest rates and parents supporting children in adulthood the position for many is tough. Equity Release schemes can be a solution to the above problems. The 2011 Dilnot Commission suggested that that these schemes could enable some to resolve financial issues and remain in their own home as opposed to moving into residential care.
Equity Release schemes have, historically, had bad press, but they are now subject to stringent regulation by the Financial Services Authority (FSA) and Safe Home Income Plans Limited (SHIP) amongst others.
They are not suitable for all but can offer a solution for some. You should contact a specialist broker for further assistance.
If you decided to proceed you will need a solicitor to finalise matters for you and advise you fully. Please contact our Residential Property team on 01708 784000. We are experts in this field.
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