Equity Release Critics 'Tell a One-Sided Tale'

MANCHESTER, England, Sept. 10 /PRNewswire/ -- Equity release experts at Retirement Solutions Ltd have hit back at negative press around the sometimes controversial home equity release schemes on the market.

The schemes, which essentially allow those of retirement age to use some of the equity in their homes to provide a regular income, have been the subject of scrutiny by critics. Many of these critics pick up on the fact that the schemes will invariably mean that, following the death of the homeowner, the home is in the hands of the equity release provider and will ordinarily be sold to recoup the money released by the previous home owner through the scheme and, of course, profit.

Kevin Stelfox, Sales Director for Retirement Solutions, believes that critics often only provide a one sided argument though, commenting that;

"Equity release is by no means perfect. But then again, nothing is. The reality of the situation is that it's a viable way for retirees to enhance their income, which, in this period of particularly low annuity rates and smaller pension pots, is essential for some people. As wonderful as it would be for retirees to be able to leave all the equity in their home and for that to be inherited by their children when they pass away, it's not always realistic. People spend years and years building up equity in their home and for some, the intention is always to release some of this to enjoy their retirement."

Kevin believes that equity release critics are also sometimes guilty of a sensationalist outlook, adding;

"There is so much publicity out there labelling the schemes a 'scam,' and a 'rip-off.' But in reality, when you seek independent financial advice, what you get is a clear understanding of exactly what the scheme will involve, its benefits for you and, of course, what it means in the long term for your home."

In light of ever tighter finances for retirees, it is thought that the equity release market is likely to grow in coming years.

For independent financial advice on home equity release, call 0800 043 6701 or visit www.retirementsolutions.co.uk

SOURCE Retirement Solutions Ltd