Baroness Hollis of Heigham recently held a discussion with the House of Lords regarding equity release. Upon reading the transcripts, I got the feeling that Baroness Hollis was pro-equity release and her Lordship was eager to get to the truth about lifetime mortgages and home reversion plans. The crux of the issue was Baroness Hollis’ viewpoint that equity release should be a viable option for those who need long term care but want to stay in their homes with the neighbours that they have come to know.
I quote Baroness Hollis:
“Does he (the FS Secretary to the Treasury) agree that well regulated equity release can help to fund the adaptions and social care that will give an older person the choice of staying in their own home, rather than going into residential care.”
Baroness Hollis hits the nail on the head with her attitude and her call for the government to put to bed safety fears about equity release will be most appreciated. Equity release can provide the money to adapt houses so that moving into care may not be the only option available. The availability of equity release gives homeowners the choice to plan their future.