Equity release 'must be made easy and accessible'

The equity release market should be made more accessible to over 50s looking to free up retirement funds, it has been claimed.

LV= has commented on the publication of a new report by Safe Home Income Plans (Ship), which outlines suggestions which encourage the government, the Financial Services Authority and other consumer bodies to support the market.

Vanessa Owen, representative of LV=, explained that the market needs to evolve alongside such recommendations.

Ms Owen posited that, among other means of progression, the market should develop the code of practise further to allow for increased flexibility that meet the needs of consumers.

One factor focused on by Ship was the provision of products for older people looking to use equity release to provide for their retirement.

Commenting on this, Ms Owen said: "There is no doubt that the changing pensions landscape in the UK will mean that more people over the coming years will look to equity release as a viable option to support them in their retirement."

Baroness Patricia Hollis recently called for a government review in support of the use of equity release to fund retirement.

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

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