Homeowners between the ages of 55 and 95 may be looking into ways to unlock some of the money locked away in the value of their home due to the precarious state of the UK economy.
And those living in Wiltshire are being given the chance to find out more about lifetime mortgages and other products at a special advice scheme that is being launched in the county.
Information needed
According to Wiltshire Council's James Cawley, more information should be made available in order for people to be able to make "informed choices" about care payment, BBC News reports.
He said: "People tend to leave it to the last minute to have the conversation with loved ones about how to fund appropriate care in later life and we want to encourage people to think a bit earlier and plan for that issue, which will occur for everyone."
The council has therefore joined forces with the Society of Later Life Advisors in order to provide those wondering how they are going to pay for their care with opportunities to learn more about the wide range of options available to them, which includes equity release.
Regulated group
Mr Cawley said: "We want to work with people to say, here is a regulated, informed group who can give you advice."
Elderly people and their families are to be given the chance speak to accredited financial advisers who specialise in the financial needs of older people as a result of the new scheme.
Items on the agenda at the meetings will include equity release, long-term and respite care options, annuities and investments and savings, it was noted.
Chief executive of the housing organisation Shelter Campbell Robb recently urged those who are struggling financially to take advice as soon as possible in order to lessen the chances of the problem getting even worse and debts mounting further.
Those wishing to investigate the benefits of equity release plans could use the equity release calculator from Key Retirement Solutions to see how much money they could raise via the product.
Posted by Tom Papworth
