Retirees thinking of releasing the equity tied up in their homes may wish to approach a specialist company for advice.

This is because, according to economist and managing director of Jonathan Davis Wealth Management Jonathan Davis, banks are not always the best source of information.

He pointed out that they are "sales organisations" and are therefore trying to sell products.

"I think in general people are ignorant of finance," Mr Davis continued.
He also discouraged individuals from seeking tips from older generations, even though they are usually seen as a good source of help.

"Demographics have helped the parents so the young people should not be going to their parents, they should be going to qualified professionals," the expert concluded.

His comments echo those Paul Rumbold, independent financial adviser at Wayne Austin IFA, who also said professional equity release is "essential".
He urged pensioners to carefully analyse their individual needs and ensure they choose the correct product for their own circumstances.

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