Data that covers the start of 2019 has shown that demand for equity release products has broadened, with property wealth being used to meet a growing range of needs in later life.
The fast developing sector is now serviced by hundreds of product options that can be tailored to suit different individual circumstances driven by a range of consumer needs.
According to the Equity Release Council, the biggest current drivers of equity release market activity among customers aged 65 to 74 is to fund home improvements, to supplement retirement income or to help family and friends with their own house moves.
For customers aged 75 and over, funding later life care needs, such as home adaptations and home care becomes a factor, whilst those younger borrowers, aged between 55 and 64 are frequently opting to paying off existing mortgages or unsecured debts.
Product safeguards, such as the guaranteed right to remain in your homes with no risk of repossession for missing repayments means that, for some individuals, equity release is certainly worth considering alongside other re-financing options.
With so many products now available in the over-55 market place, obtaining independent advice can be key to making the right decision for your exact circumstances, and here at The Financial Planning Group, being able to offer our clients Estate Planning advice is seen as a valuable service.
With 25 years’ experience helping individuals, families and businesses to place their financial affairs in context with their future goals and aspirations, we are here to provide a simple, structured, disciplined and reviewable planning services. We will change the fundamental relationship people have with their money to give them confidence and clarity in their own futures.
Why not give Steve a call today 020 8614 4782, or e-mail firstname.lastname@example.org , and see what options are available to you?