Local authorities should provide equity release mortgages to give the market much needed impetus, say the Joseph Rowntree Foundation as reported by Money Marketing (19/10/06).
A study by the foundation says a drastic solution is required to resolve the problem of consumers having little faith in the market without more high street brands being involved, while many brands will not enter the market until it is bigger.
It also calls for restrictions on means tested benefits to be relaxed so potential borrowers are not put off.
This follows consumer lobbyist Which? Saying in January it wants the government to lead the equity release market into the mainstream.
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