Magazine article Public Finance

Public Sector Equity Release Schemes Could Pay Care Bills

Magazine article Public Finance

Public Sector Equity Release Schemes Could Pay Care Bills

Article excerpt

State-backed housing equity release schemes could be used to pay for long-term care, researchers have said.

Following a year-long research project into funding of care for elderly people, the Resolution Foundation has called for a new long-term settlement to replace what it describes as the 'unfair and inefficient' current system. The foundation, which examines policy problems from the perspective of low earners, will publish its research findings in full in early December.

Speaking to Public Finance, Resolution Foundation chief executive Sue Regan said: 'In the long term, we're going to have to pay more both. . . as taxpayers into some sort of collective fund... and as individuals.

'If you look at demographic change, it's really dramatic how much extra money we're going to have to pay to support the ageing populations care and support needs.'

Regan said the current older population tended to be income-poor and asset-rich but the wealth tied up in their housing stock could not be ignored. Equity release schemes were not popular and did not work well - but could be made to do so if the state came on board. …

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