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Home  »News  »Finance News

People planning for old age 'should consider equity release', says ERSA

02/11/2009

Although the recession has brought financial planning to the forefront, a survey has revealed that few people have considered what would happen if a relative lost mental capacity. The research, carried out by Equity Release Solicitors Alliance (ERSA), shows 54 per cent of UK adults aged 35 to 64 have not discussed what would happen to financial responsibility should an older family member lose mental awareness. These findings are supported by research carried out by the government Office of Public Guardian which shows that only 23 per cent of the UK's older population have given any consideration for how their finances would be looked after if they became mentally incapable. Peter Barton, spokesman for ERSA, said that older homeowners should consider various financial options including setting money aside so that care can be provided in their own home or in alternative accommodation. "One way of generating this income is via equity release and it is important that both the homeowner and the potential (or registered) attorney are aware of these options should the unfortunate happen," he added. According to Safe Home Income Plans, the equity-release market showed signs of stabilising during the third quarter of the year on the back of rising house prices. Posted by Jez Walters. Get your free equity release guide and find out how you can get some additional income.

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