FirstStop Advice launches equity release advice service
Share
FirstStop Advice for Older People has launched a new equity release advice service to help older home owners raise funds for additional help and support at home.
The launch follows the withdrawal of a number of equity release providers over the past couple of years, including Northern Rock, Hodge Lifetime, Saffron Building Society, Prudential and Retirement Plus.
The Home Cash Plan, provided by Just Retirement Limited, was designed with the help of Joseph Rowntree Foundation, and was initially launched earlier this year as a pilot in three local authorities with the support of JRF.
Working in partnership with the provider Just Retirement Limited, FirstStop Advice aims to make this more widely available by providing access to the Home Cash Plan through its new equity release advice service, provided by Just Retirement Solutions Ltd, and a dedicated help line.
Older homeowners can get advice about financial concerns, from identifying benefits, state funded care and support they are entitled to, and tailored support for their circumstances.
The Home Cash Plan will allow home-owners to release small sums of money from their property to top-up their income easily, potentially alleviating the loss of means tested benefits.
Acting chief executive Philip Spiers says: “Equity release may be a last resort product but for many people it can also be a lifesaver. Many older people have very low incomes but also own a property. The Home Cash Plan can provide small amounts of money on a regular basis to help older people pay for help at home or simply to improve their quality of life. It can also be an effective way of paying off high interest bearing debts an ever increasing problem in our ageing society. All too often we find older people are missing out on benefits they are rightfully entitled to.
“Through FirstStop Advice we can combine maximising a client‘s income through assessing available benefits, and if that’s not enough offer the best possible solution for their circumstances which may include the use of the Home Cash Plan as a source of top-up”.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
