The Equity Release Council is supporting proposals for a means-tested winter fuel allowance to boost long-term care funding.
A report published today by CentreForum and supported by former care minister, Paul Burstow MP, claims savings made from such means-testing could generate £500 million a year for care.
Andrea Rozario, director General of the Equity Release Council [pictured] said: "We fully back CentreForum's efforts to focus attention on the question of who pays for elderly care."
She also said with at least half of people in the system required to fund all or part of their care, more must be done to provide access to financial advice to prevent people eroding their assets and quality of life.
Rozario added: "CentreForum's proposals [for targeting winter fuel payments and capping the amount people have to pay towards social care costs] are well motivated by the belief that, as far as possible, someone who has worked hard to afford their home should not be forced to give it up to help fund their healthcare in later life.
"Even without these reforms, however, it's important to stress that releasing equity from their properties already offers many people a way to manage these costs without having to sacrifice their homes.
"Any measure encouraging local government to refer self-funders for care to qualified financial advisers would a real positive - helping people to make an informed choice about options such as equity release, and giving them access to professional guidance when they need it most. We would welcome any move to make this a reality."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected