Equity release 'can be viable for many Brits'

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Equity release 'can be viable for many Brits'

Asset rich, cash poor individuals might like to look into equity release as a method for improving their day-to-day finances.

Alan Smith, chief executive officer at Capital Assessment Management, said while downsizing can often be a better option than building up further debts, equity release is the perfect solution for those who do not wish to leave their home but who want access to part of its value.

He commented: "[It is] definitely an area to seek professional advice [on] because there are a multitude of schemes, some much better than others."

Mr Smith added that undoubtedly it remains a valid option for homeowners who are strapped for cash in the present financial climate.

According to David Wright, managing director at Sixty Plus, older individuals might wish to consider equity release a viable option for funding their retirement.

He claimed it can be the perfect option for those who do not wish to downsize or take in a lodger to help meet their financial commitments.

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