8 Nov

More elderly people using equity release to fund old-age care

More elderly people using equity release to fund old-age care

Older people in the UK often find themselves having to sell their house in their old age to make sure they have enough money for care when the time comes, moving to a smaller property in the process.

However, according to one expert, this does not need to be the case, as they can make use of equity release as a way of freeing up funds tied to their house.

Andrea Rozario, director general of the Equity Release Council, said that many retirees have found in recent years that their pensions have not fared as well as they thought, leaving them with less money to look after themselves.

However, by taking out a loan against their house, they can find themselves in a far-better position.

"We would recommend that people start off by speaking to their local council to see what they are entitled to in their region. They should also - if possible - speak to a financial adviser who will help them to reorganise their finances so they can make the most of what they do have," Ms Rozario said.ADNFCR-1222-ID-801484887-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.