The charity Age UK and JRS (Just Retirement Solutions) have launched a new equity release advice service which will allow those that qualify to draw as little as £500 from the scheme.
Gordon Morris, Managing Director of Age UK Enterprises said: “Many people reach retirement and realise that the state pension will not provide the comfortable lifestyle that they had hoped for. During their working lives, they will have worked hard to pay off a mortgage and it may be that when they retire, their home can be used to supplement a meagre pension.
Adam Benson, Equity Release Adviser from Retirement Solutions (UK) Limited, said, “This looks a good scheme and if people can release as little as £500 then that is marvelous providing the cost of doing so is not too expensive. This is just the type of boost the equity release market needs right now to promote the product to the mass market, there has been so much bad press about equity release and it is good to see some really exciting new products being marketed”.
At the same time as promoting equity release JRS are also providing a benefits check to ensure that all available state benefits are claimed. There are thought to be thousands of pensioners that never claim the full entitlement of benefits, some because of ignorance and others because it is too complicated.
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