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