May '24 • General 💡
Strikes me this is a market offering real potential for advisers
Three in Five Homeowners Considering Equity Release for Later Life needs - The Equity Release Council reports that 61% of homeowners are considering equity release, up from 57% in 2021. This shift indicates a growing acceptance of later-life mortgages, with 39% finding them more common and acceptable.
Jim Boyd, ERC CEO, notes that products like ultra-long mortgages are necessary for managing home purchases, pensions, and daily expenses. Nearly half (46%) of homeowners aged 55+ view property wealth as a way to meet later-life needs, with even higher interest among younger homeowners (75%).
Main motivations for equity release include paying for home care (17%), boosting retirement funds (16%), and funding travel (15%). Additionally, 14% want to support younger family members financially.
Given these trends, the equity release market seems to present significant potential for advisers to assist clients in managing their property wealth and planning for retirement.
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Strikes me this is a market offering real potential for advisers
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