Equity Release Council comments on more2life’s Later Life Lending Report

Jim Boyd, CEO at the Equity Release Council commented on the publication of the Later Life Lending Report by lender more2life.

“more2life’s insightful Later Life Lending Report reveals the potential scale of the long-term impact the pandemic may have on the finances of the UK’s older generation, with debt becoming more common for people in later life.

“To address the challenges this presents, it is crucial that older consumers understand what options are available to them. While not suitable for everyone, for certain consumers, equity release – which enables over-55s to release value from their property – can provide an important option to help support individuals and their families.

“As a long-term commitment made after careful consideration, consumers looking to release equity safely should always use a Council member as this ensures structured financial advice, independent legal advice as well as robust and clear product safeguards. Combined, these measures provide greater protection than any other later life property-based loan.”

Kindly shared by Equity Release Council

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