Blunkett urges older people to use equity release

Dean Mirfin, Business Development Director of independent equity release specialist Key Retirement Solutions, comments on David Blunkett's call for older people to use equity release schemes to fund their care, at the Counsel and Care's annual Graham Lecture on the future of long-term care for the elderly.

"As life expectancy in the UK continues to increase, and pensioners outstrip the number of children for the first time, it is of increasing concern that people's pensions are not providing sufficient income in retirement. Nor that many are able to fund suitable care provision in old age.

"For many pensioners their home is their biggest asset, and it is good to see at parliamentary level that equity release is increasingly being recognized as a serious element of retirement planning in the UK.

"Blunkett's call for more people to consider equity release schemes is testament to the increased consumer confidence in the industry. As the equity release market continues to go from strength to strength, competition increases, benefiting the end consumer with lower rates and a high quality of service. Equity release may not in itself be the solution to everyone's needs, but for many it may prove to be."

Key produce an independent guide to releasing equity from your home which is a good place to start. This can be obtained by visiting keyrs.co.uk