The Equity Release Council Asks for Clear Government Policy
The Equity Release Council has published a White Paper, called Unlocking The Potential: The Future of Equity Release, which outlines how housing wealth can be used to provide additional income in retirement or later life. In particular, it provides ideas about how equity release can enable the Government to support the aging population in the UK.
The report details tactics the Government could use to incorporate Equity Release as part of people’s retirement income. There are seven specific recommendations that The Equity Release Council suggests the Government should consider.
This is a very important report from The Equity Release Council because it provides a list of recommendations that can easily be implemented by the Government. Equity Release is still suffering from a poor reputation since the 1990s yet house prices have climbed substantially in the last twenty years.
For most people in retirement, their biggest asset is their home and it continues to increase in value. Many people in retirement experience a shortfall in income which is likely to continue into the future. Equity release can play a major role in meeting the shortfall if it is sold and regulated in the correct way, and if the Government includes it in a holistic retirement strategy.
Full information about the White Paper can be found here.
The White Paper can be downloaded here.