Homeowners urged to seek equity release advice

People who are considering agreeing to an equity release plan to free up money held in their homes have been urged to seek professional advice.

Alex Edmans, a business development manager at Saga Equity Release, said that it is “imperative” for homeowners to obtain guidance on releasing the equity in their properties as it is a “long-term” commitment.

“It is of utmost importance to seek specialist advice to ensure that equity release is suitable and also that the right plan is selected,” she remarked.

While downsizing may sometimes be a more appropriate option for some people, equity release schemes can offer property owners who wish to remain in their homes a good method of raising funds, she noted.

Britons over the age of 65 have around £500 billion of un-mortgaged equity tied up in their houses, according to a recent report from the Resolution Foundation.

By Jamie Price