EquityCare appoints new chief executive

Tim Eadon has been appointed chief executive of long-term care at equity release specialist EquityCare. He replaces Barbara Davies.

Mr Eadon founded domiciliary care specialist Better Retirement in March 2009 having previously served as CEO at Personal Finance Society. He became business development director at EquityCare after the two companies merged earlier this year.

In his new role, Eadon will urge more providers to enter the long-term care market.

He will also support government proposals for a national care service to be established, which would provide all members of the public with a base level of state-funded care.

Mr Eadon told MoneyMarketing there is around £1.1 trillion of equity tied up in the homes of people aged over 65. This, he says, makes equity release a potential opportunity for people who need to release funds but wish to remain in their own homes.

“Whichever way you look at it, there is going to be a need for people to pay for care at home. It will not be supported to any great extent by the state because the state cannot afford it,” he explains.

“The government is starting to wake up to this as a vote-winner or loser. It is almost like a silver bullet. If they can find some way to release this cash, it then becomes far more palatable but no one is coming out with any firm policies because it can demolish the grey vote if they get it wrong.”