Did you know: It is a well-known fact that the number of equity release products has increased in recent years, as more and more people are realising the need for this type of financial planning.
Why’s this great news?
It means more people will be able to get out of debt or enjoy their retirement years without worrying about money.
If you’re not aware of these amazing shifts in the industry, you could end up missing out on a golden retirement opportunity.
We’re here to examine:
- Why there are so many more options available now than ever before.
- What it means for those who are looking to release some of their home’s value without moving from their property.
- The amount of growth that is seen.
As one of the leading equity release information portals, SovereignBoss keeps up-to-date in our analysis of the market and we’re so excited to share what we found. Check this out!
The Number of Equity Release Products Increased
According to Key Partnerships, the number of equity release solutions has reached a record high, with borrowers able to pick among 769 options. The number of lifetime mortgages has risen in the previous 2 years, according to the equity release industry.
Equity release borrowers also have more options for accessing their property wealth, thanks to product innovation that has made the market more flexible.
You’ll want to discover:
Over the same time period, the number of plans on the market that offer downsizing protection has quadrupled, while those that allow ad-hoc1, fee-free repayments have tripled. There are also agreements that allow borrowers to take out as much money as they need, as well as an increasing number of mortgages2 with set early repayment penalties.
Equity Release Growth
The equity release industry has experienced phenomenal3 growth, with the number of products available doubling in only 2 years, giving clients much more flexibility and options. With over 300% more products offering alternatives such as interest repayments, downsizing protection, and inheritance protection, the number of features has also drastically increased.
2021 Equity Release Growth
Things are moving quickly right now, and in 2021, we’ve seen a 21% increase in products in only 6 months. One reason for this is that during the pandemic4, the majority of customers released equity to meet an immediate need, but as the UK moves closer to fewer constraints5, we’ll see clients release equity to meet both retirement and aspirational goals.
Common Questions
What Is the Best Age To Take Equity Release?
Can You Take Equity Release if You Still Have a Mortgage?
In Conclusion
Equity Release products have always been a great way to get more money from your home. Now that the product choice has increased, it’s never been easier to access equity release and use this as an option for financial planning. There are many benefits of accessing equity release which includes being able to stay in your family home without having to worry about paying mortgages.
If you’re considering equity release to help fund your retirement or long-term care costs, make sure you’re aware of all its implications so that you can plan accordingly.
Reference:
- www.yourmortgage.co.uk/uncategorized/equity-release-product-choice-hits-new-high-at-over-750-plans/?ac=6&as=145
