Budget: Disappointing, says SHIP
Commenting, Andrea Rozario, director general of SHIP (Safe Home Equity Plans), said: “Today’s budget made some positive announcements concerning pensioners. However it was disappointing that nothing was said regarding the broader picture of helping people to finance their retirement. While equity release is gaining more support from the Government as the realization that housing equity can play a valuable role in helping people in their retirement and care in later life requirements, there needs to be more unbiased and accurate information for people to be able to consider if accessing the equity tied up in their home is the right choice for them.
“Our latest research shows that 30% of people will have to work part-time to supplement a shortfall in their retirement fund versus just 9% of people who would consider releasing equity from their home. The Government, along with industry, needs to ensure that people have confidence when choosing equity release as an option. For the vast majority of homeowners, their property is their most valuable asset and an equity release plan, with all the safe guards and rights that people currently receive from products offered by SHIP members, is something that is worthy of serious consideration.”