The Financial Regulator has warned about the complexities of the numerous equity release schemes available for older people to release cash from the value of their home.
The warning from Consumer Director, Mary O'Dea, comes as the regulator publishes a new guide to equity release, which explains the different type of products available and the main issues to consider.
Research by the Financial Regulator has revealed that almost four in ten consumers over 50 would consider releasing equity from their homes at some point in the future.
O'Dea said the benefit of equity release schemes is that they provide cash to meet current needs, but the risk is that consumers may not have enough money left to cover long term health or care needs.
O'Dea has urged consumers to look at all their options and take independent advice before signing up to any schemes of this nature.
