Equity release is poised for a year of growth in 2013 according
to the latest Equity Release Council survey results. The top
prediction for the year ahead from nearly half of members was
innovative products attracting a greater number of consumers. This
is a clear call for providers to be creative and produce innovative
products for a wide range of needs.
For four in ten council members the sunny outlook included
expectations of market growth and improved public understanding of
the equity release for 2013. With the Equity Release Council
recently announcing its membership has surpassed 250 providers,
advisers and solicitors, the success of the council is undoubtedly
linked to the rise in market confidence, upholding the principles
and standards set out to protect consumers of equity release and
ensure excellence of advice.
The increasing appeal of equity release is also closely tied to
the financial challenges faced by UK, and the evolving environment
of retirement planning. Over 60% of council members see the ability
of equity release to fulfil a growing consumer need as its key
strength, while nearly half cite changing retirement requirements
as a crucial contributor. With the cap on elderly care fees and
single tier pensions not coming into force until 2017, the squeeze
on current pensioner's income is very real and only expected to
tighten in the near future.
As increasing numbers approach their later years clouded in
financial uncertainty, equity release can offer a practical
alternative to selling property or falling back on state support.
Unlocking equity tied up in property can ease financial troubles
while allowing pensioners to remain in their own home. Before
undertaking an equity release scheme it's essential to seek out
expert advice from independent financial specialists as well as
legal advisors. ERSA's membership of the Equity Release Council
ensures its members adhere to the Standards and Advisory Board's
requirements, designed to protect consumers' best interests and
allow over-55s to engage advisers with confidence.
Read all our roles and our responsibilities
- We will communicate in plain English, not legal jargon.
- Clients will receive fair and balanced reports in writing.
- Clients will receive a personal consultation with a suitably
qualified member of legal staff.