How Equity Release Can Benefit Homeowners

19 April 2017

Mortgage concept image. A pair of hands hold a small wooden house and a pile of coins, set against a background of grass.

Although equity release products have been available on the market for several decades, popularity has increased drastically over the past few years – so why the sudden surge?

In the past, equity release was considered a last resort for older homeowners, but as borrowing broke the £2billion marker last year, general opinion, like the times, have changed. Releasing capital from property is now giving homeowners greater scope for the future, not just to help themselves by topping up their pensions or covering expenses after retirement that they simply cannot afford, but to also assist family members too.

Having increased by two-thirds last year, the number of equity release products now available shows just how competitive the market has become. As one of the fastest growing sectors in financial services, there has understandably been a surge of new lenders entering the market too.

An estimate from Experian for the Financial Conduct Authority states that 2017/18 will see the first wave of interest-only mortgages mature, meaning homeowners will be left in the position to pay the remaining balance of their mortgages. With limited options available to homeowners over 65 years of age, this is where equity release will help, giving them the opportunity to release capital to cover the outstanding amount without having to downsize their property or pay out for hefty remortgage payments.

Equity release seems to have finally shrugged off the old stigma, and is now being viewed as a viable, cost effective way to help later-life homeowners. Following the recent trend, we can expect to see a faster growth in equity release borrowing in the near future, meaning homeowners will be looking to enlist the help of a qualified adviser for guidance and assurance.

If you want to be involved in this ever-growing and highly lucrative sector, then completing your Certificate in Regulated Equity Release (CeRER) will give you the regulated knowledge and skills you need to offer this service to your clients. To find out more about this one day training course, please do get in touch with our friendly student support team on 01279 874 430 for further details.

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