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Ill retirees urged to consider specialist equity release
2 April 2008 11:00
Retirees suffering with health problems can in some cases release extra equity from their homes with certain specialist providers, Key retirement Solutions has advised.
The company explained that homeowners whose health may affect their life expectancy can often release greater sums from their properties with dedicated equity release providers than with traditional lenders, as well as attaining more favourable terms.
Under such arrangements, the severity and duration of the condition and the treatment that the plan holder is receiving for it will all be factors in the amount of equity they are granted, with the provider obtaining conformation of these facts from the sufferer's GP.
Key retirement Solutions' Dean Mirfin told retirees to seek specialist independent financial advice, which can help them decide if equity release is right for them, as well as ensuring that they take out a plan that meets their individual needs and circumstances.
Andrea Roazario from Safe Home Income Plans, the industry's regulatory body, recently predicted that the UK could be set for an equity release boom, as it fills the gap vacated by declining personal pension provision and inadequate state benefits.
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