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Equity release ` feasible option for struggling pensioners`

29/09/2008

Equity release should be seen as a feasible option by pensioners struggling in the light of current economic conditions, an expert has said.

David Black, principal consultant of banking at Defaqto, made his comments in response to a guide issued by consumer watchdog Which? that advised consumers to see such a move as a last resort.

According to Which?`s report, equity release schemes can be expensive and inflexible and can leave people without enough money left to fund alternative accommodation if their circumstances change.

However, Mr Black stated: "In an age of financial shocks, inadequate pension provision, low annuity rates and burgeoning levels of personal debt it seems somewhat hasty to arbitrarily downgrade one of the possible solutions."

He went on to say that while equity release is not suitable for everyone, it is an "appropriate solution" for many consumers, adding that it should be considered alongside other options as a possible source of retirement income.

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