Equity release providers have rebutted criticism against them from consumer watchdog Which?
Which has condemned branded equity release mortgages as high-risk, inflexible and expensive. They have stated that such mortgages leave homeowners with no reserves.
Yet Jon King, chairperson of Safe Home Income Plans (Ship) has refuted these claims and the assumptions they lie upon. He affirms that Ship is about protecting equity release customers.
He contests that clients are aware of both the pros and cons of all schemes and should get independent legal advice. Ship also insists that costs involved are clear.
Mr King also stated that Which?'s suggestion that home buyers should move to smaller homes or borrow from family as opposed to take out equity release mortgages as simplistic.
"Borrowing from family and friends and downsizing may not always be the easy option that Which? implies it is," he said.
Ship is the representative body of 18 major providers and around 90% of the equity release market. It stated that it had not been approached by Which? for any comment on this article.
Mr King also stated that 95% of those who take out equity release mortgages via its members expressed satisfaction with their result.
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Equity Release Providers Defend Themselves Wed, 11 Jan 2006
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