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SHIP Defends Use of Equity Release to Help Fund Retirement
01/12/2010
Safe Home Income Plans Equity Release (SHIP) has defended people who use their home to help them fund retirement.
Director General of the industry organisation, Andrea Rozario, pointed out that in many cases property is the biggest asset a family owns and there are no other alternatives for providing additional income to supplement pensions.
Her comments were made in response to comments by Grant Shapps, the minister of state for housing and local government, indicating that people should treat their property as a home, and not as a pension.
Ms Rozario said: "We absolutely agree that a variety of assets built up over a lifetime should be used to finance retirement. Unfortunately many people simply don't have that option."
She picked out those individuals who will not receive a public sector pension in the future as being particularly likely to need their property to help increase their income after they retire.
Homeowners aged over 55 years who would like to know how much money the value of their property could release to help fund their retirement, can find out by contacting therightequityrelease.co.uk for equity release advice.
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