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Is benefit advice from the DWP confusing ?

Mon 19th Apr 2010

Advice from the UK's Department for Work and Pensions on the relationship between equity release and basic state benefits is "inconsistent and confusing" according to Safe Home Income Plans (Ship).

Equity release schemes like lifetime mortgages are products which allow homeowners to access cash that may be tied up in their property.

Ship has now launched a new questionnaire for advisers in a bid to draw on their knowledge and experience and clarify what impact an equity release plan can have on a pensioner's state benefits.

Andrea Rozario, director general of Ship, said: "The government is in a state of change and older customers must not be side-lined.

"We have launched this campaign to provide some clarity and guidance to both advisers and their customers. Our aim is to make the process transparent and accessible for everyone."

Expats still owning a property in the UK may wish to consider releasing some of the value of their home and find out how with equity release advice from a specialist.

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