Claire Barker, Chairman of ERSA, comments on the publication of the draft Care and Support Bill

 

 

Ersa _logo -05 2012

 


 

Commenting on the publication of the draft Care and Support Bill Claire Barker, Chairman of ERSA, said:

"The announcement of the extension of local authority loans for care in old age has obvious ramifications for the equity release market as it raises the issue of paying off loans you're your housing wealth.

"If this goes ahead it will help to 'normalise' one of the central tenets of equity release. Existing equity release schemes can be used to fund a whole range of expenses, including the cost of care, and this will hopefully help equity release become accepted as a standard part of retirement planning.

 

"Our concern would be to ensure people always receive expert advice on any form of equity release scheme. The equity release industry has built up a network of specialist providers, intermediaries and solicitors to help people make what is a major decision that needs careful consideration. The Bill must make clear what specialist advice is required for this scheme too."

 

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