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
"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
"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
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