Equity release ‘has role for long-term care costs’

Posted 20/03/2012

Equity release has been named as one of the products people could use in their later years to cover their long-term care bills.According to Financial Conduct Authority (FCA) head Martin Wheatley, equity release has a role to play in the future as individuals face having to pay more for their care.Speaking at an Age UK conference in London this month, he argued there is a “huge amount” of money locked away in capital in homes all over the country, reports Money Marketing.”We may have moved beyond the age of leaving a home intact and debt-free to the next generation,” Mr Wheatley said, adding the “challenge” is going to be ensuring people get the most value out of their home in their later years.Later in the year, the FCA will take over some of the powers and responsibilities of the Financial Services Authority, with other parts of the organisation going to the Prudential Regulation Authority.Posted by Simon Crooks