Government urged to provide details on equity release social care plans

Posted 12/07/2012

The government has been told it needs to release more details about social care provision as soon as possible.According to the Equity Release Council, there is a lack of clarity so far from the coalition regarding the role housing equity can play in paying for care.Director-general of the body Andrea Rozario stated the government appears to be trying to “side-step” the issue by delaying an announcement for two years.”Rather than trying to seriously tackle this problem, the government is looking to buy itself time. Consumers, councils and care providers as well as the financial services industry need clarification,” she said.Ms Rozario also highlighted the fact that the country’s over-55s have access to more than £250 billion in housing equity, with many willing to use it to meet the cost of their care in later life.Last month, the Equity Release Council urged the Conservative-Liberal Democrat alliance to “take ownership” of the issue of social care funding and housing equity.Posted by Simon Crooks