Edited by Lord German
Published March 2012 Price £9.99
This report, Making the Most of Equity Release: Perspectives from Key Players, highlights the shortfall in adult social care funding and the resultant need to release housing wealth. The expert authors of the report argue that equity release is growing and must form a larger part of the solution to this looming funding crisis.
The report shows that equity release can contribute towards the costs of social care but is misunderstood by homeowners and financial advisers. The authors suggest a number of practical solutions to help the industry play a bigger role in funding social care, including creating a single government department or Minister responsible for supporting equity release; improving the quality of advice and fostering a greater degree of trust so that equity release becomes a major funding option; streamlining of the complex regulations around equity release; assisting banks in entering the equity release market; providing better integration between financial products and the benefits system; and incentivising the equity release industry to provide a greater set of suitable products.