Equity release specialists, SHIP (Safe Home Income Plan) and Home & Capital have welcomed the launch of the Equity Release Solicitors' Alliance (ERSA).
Formerly launched this week, the ERSA believes that independent, specialist legal advice should be available to all consumers who are considering equity release, and at competitive prices.
The specialist law firms that make up the ERSA include Equilaw, Goldsmith Williams, Ashfords, Lees Lloyd Whitley, Gwyn James, Blacks Solicitors LLP and Birchall Blackburn.
Since its launch, the association has been welcomed by a number of equity release specialists, including Home & Capital Advisers Ltd, whose managing director, Nigel Hare-Scott said:
"The launch of the ERSA is encouraging as it provides a high level of expertise for clients in the equity release market who need their hand held through the process and want to be reassured.
"The member firms of ERSA are of a high quality and will help to raise standards across the industry and as such help to improve the consumer perception of equity release as it increases in popularity and need."
Other supporters of the ERSA include SHIP, which provides a code of practise to its members who make up the majority of equity release providers. Andrea Rozario, director general of SHIP said:
"There are seven members of the ERSA who together make up a large percentage of the legal market for equity release legal advisers, and the fact they have come together to promote the cause and help others realise that this is likely to be an area of growing importance is very positive for the equity release industry."
Based on ONS National Population Projections from 2006, ERSA predicts that by 2016, more than 25.5million people in England and Wales will be aged 60 and above. This is, according to the ERSA, equivalent to 42 per cent of the population, all of whom will be eligible for equity release.
If you are considering equity release, download our free guide to equity release or click here for equity release quotes and advice
© Fair Investment Company Ltd