| 08/02/2010 |
Equity release can aid older people says David Blunkett |
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| Former secretary of state for work and pensions David Blunkett has endorsed the potential benefits equity release can provide for cash-poor older people. The MP said at an event hosted by Safe Home Income Plans (Ship) that releasing equity should be considered as a solution to the current pensions crisis facing many retirees. Mr Blunkett spoke of the "enormity" of the challenge the pension shortfall is causing and called on older people to take greater advantage of the £700 billion worth of housing equity held by UK homeowners. He stated that a "substantial amount" of this figure is available for use via equity release, adding: "It obviously has a future in helping to deal with the most enormous challenges facing us as we age." This comes after equity release trade body Ship last month called on pensioners to capitalise on their housing assets if they are facing limited cash incomes.  |
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