Over 50s 'should seek a range of equity release advice'

Over 50s looking to generate funds by releasing equity from their homes have been advised to seek out advice from multiple different sources.

The Equity Release Solicitors' Alliance (Ersa) has welcomed a recent investigation by consumer watchdog Which? that revealed that many independent financial advisers (IFAs) are failing to provide customers with an appropriate level of service.

Ersa said the study would help to encourage a better standard of advice to be given to be given to consumers in the future.

However, the body also stressed that older homeowners should not be put of releasing equity as a result of the findings.

Claire Barker, chairman of Ersa, said that taking advice on such matters from a number of sources remained key to understanding the legal intricacies of the process.

She said: "Seeking independent specialist legal advice also forms a larger part of the equity release process and creates an added safety net which can support the advice given by the IFA."

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

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