EQUITY RELEASE PRODUCTS GROW IN FLEXIBILIY
- Equity release customers see unprecedented levels of product choice and flexibility
- Top growth areas over the past year include options for sheltered or age-restrictedaccommodation, making regular interest payments, downsizing protection, inheritance
- guarantees and drawdown facilities
- Average equity release rates fell below 5% for the first time to 4.91% in July 2019
- The market has continued to develop and mature in recent years, energised by strong competition in the market and underpinned by robust consumer safeguards
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Equity release customers saw unprecedented levels of product choice and flexibility in 2019, according to the Equity Release Council’s Autumn 2019 Market Report . This comes as a total of £1.85bn in housing wealth was unlocked in H1 2019 by homeowners aged 55+ to support their later life financial planning.
In a sign that the industry continues to respond to consumer demand for more flexibility and choice, the range of product options increased two-fold compared to this time last year to almost 300 options.
Energised by strong competition in the market and consumer demand, there has been continued growth across all product features underpinned by Equity Release Council standards guaranteeing three levels of protection including product safeguards, regulated financial advice and independent legal advice.
The top growth areas over the last year include options for:
- sheltered or age-restricted accommodation
- interest-serviced (regular interest payments) options,
- downsizing protection,
- inheritance guarantees
- and drawdown facilities.
So if your Equity Release isn’t flexible (or you wish to investigate the options), now is the time to ask for a review.