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MPs show support for equity release

09 March 2010

Equity release schemes can provide a key source of retirement funding for the UK's pensioners.

This is the view of an all party parliamentary group, which has voiced its support for equity release as a way of providing pensioners with vital retirement funds.

Such schemes can provide homeowners with a welcome financial boost, which can add to their pension income, with cash taken from the value of their property assets.

Commenting on the MPs' support for the market, Andrea Rozario, director general of SHIP, the equity release trade body, said: "It is gratifying to see housing equity taking its place in the mainstream retirement funding canon.

"Last night's all party parliamentary group produced some excellent debate, recognising the financial challenges that Britain's older generations face.

"Of course, developments must be made and challenges lie ahead for providers, distributors, government and consumers alike - but the debate produced by this group is the first vital step in bringing equity release much closer to the heart of government thinking."