Equity release advice 'essential for over 50s'

The Equity Release Solicitors' Alliance has called for over 50s to seek informed independent advice before choosing an equity release product.

An industry body has called for over 50s equity release customers to make sure they seek out thorough advice before making a decision.

The Equity Release Solicitors' Alliance (ERSA) has advised older people who are consulting independent financial advisers to make sure they seek clarification on a number of key areas.

These include a comprehensive review of all the products and providers on the market in order to establish which deal best suits their specific needs and circumstances.

Over 50s were also recommended to explore other finance options open to them, as well as keeping aware of potential costs before committing.

Claire Barker, chairman of ERSA, stated that customers therefore needed to ensure that the advice they have taken is thorough.

She said: "We feel that some aspects simply cannot afford to be overlooked if clients are to feel informed about their decision."

This comes after a report from the Pensions Policy Institute earlier this month highlighted the usefulness of equity release as a means of helping over 50s to finance their retirement.

To view businesses and services in our Equity Release section click here

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