Debt charity the Consumer Credit Counselling Service has launched a service offering free whole of market equity release advice.
The CCCS has launched its directly authorised subsidiary in response to an increasing number of enquiries from those over 60 who are approaching the charity for help with their debts.
The charity says these clients tend to have higher debt levels with regular changes in income due to changes in circumstance, illness or retirement.
CCCS Equity Release is launching with three equity release advisers and has been welcomed by the equity release industry.
Jon King, managing director of Hodge Lifetime, says: “I welcome this innovative concept in equity release advice. It is an important addition to the range of services available to those looking to release equity from their homes.”
Tom Moloney, equity release manager at CCCS, says: “CCCS is proud to have created a safe environment in which clients can assess their equity release options. Equity release can be a lifeline for some clients but should only be considered as part of a long-term debt solution programme.
“With this particular product, it is crucial that all clients receive impartial advice. To ensure complete transparency, our advisers are employed on a salaried basis with no commission, sales bonuses or sales targets. We want our advisers to have the freedom to offer real whole of market advice”.