“The data shows how greater use of housing wealth to fund later life needs is helping to ease many of the challenges facing the UK’s ageing population for an ever growing number of customers. This is true before, at and during retirement, with our own analysis* showing borrowers aged 55-64 leaning towards lump sum products while older borrowers favour drawdown arrangements.

“Releasing equity in later life can allow homeowners to tick a number of financial planning boxes simultaneously, from paying off an existing mortgage or personal debt to boosting their later life income, improving or adapting their homes, and providing a ‘living inheritance’ for younger family.

“This flexibility, along with demographic trends, means there is a growing argument for equity release to feature on all homeowners’ checklist as an option to consider as part of their retirement and estate planning.”       

-ENDS-

* Equity Release Market Report, Spring 2016

For further information, please contact:

• Andy Lane, Jordan Campbell or Victoria Heslop, Instinctif Partners, on 020 7427 1400 or email: twc.[email protected]

Nigel Waterson is also available for further comment.

About The Equity Release Council

The Equity Release Council is the industry body for the equity release sector, which represents over 400 members including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.

It works to ensure a safe equity release market for consumers, by operating rigorous Standards for the provision of advice and products which guarantee security of tenure and financial protections. 2016 marks the 25th anniversary since the first industry Standards were created for equity release in 1991. Since then, over 350,000 consumers have taken out an equity release plan from Council members, drawing on almost £17bn of housing wealth.

The Council also works with consumers, industry and policy makers to improve awareness and understanding of equity release and the potential for housing wealth to help solve many of the financial challenges facing people over the age of 55 across the UK.