Equity release programme to help elderly?

Elderly people struggling with debt management issues may like to make use of a new equity release scheme being piloted by Just Retirement and the Joseph Rowntree Foundation.

It is to be brought into the London districts of Maidstone, Islington, Chelsea and Kensington, aimed at over-65s keen to release cash from their properties.

Andrea Rozario, director-general of Ship – the equity release trade organisation – said that this initiative “bodes well” for the industry in 2010, as there are a lot of “asset rich but cash poor” people in the UK who will profit from it.

“The equity release sector plays a vital role in improving the standard of living for older consumers,” she continued, adding that participants in the pilot will “gain the benefit of staying in their homes longer”.

This comes after the Consumer Credit Counselling Service introduced a similar fee-free service to help older people, having experienced a steady climb in the average age of those looking for debt assistance.

By Sarah Adie