Equity Release Market Expected to See Major Growth
A lack of pension provision is likely to make equity release schemes a lot more popular over the next few years according to 98% of independent financial advisors (IFAs).
Research conducted at the LV= equity release road shows suggests that almost all IFAs believe the equity release market is primed for a surge in interest.
Helping to Fund Care
Equity release schemes have the potential to unlock a tax-free lump sum from a homeowner’s property to supplement income in retirement.
Some of the key reasons for releasing equity, cited by some of the IFAs asked, included making home improvements and funding care. In fact 88% of IFAs believe that, in the right circumstances, equity release could be the best option for funding care.
Vanessa Owen, head of equity release at LV=, said: “With people living longer and healthier lives many will want a cash injection to help pay for a standard of living they have grown used to in their working lives as well as paying for home improvements, dream holidays or medical care.
“Peoples’ homes are often their greatest asset, so it makes sense for them to be able to access that capital when they need it.”
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