The Equity Release Revolution

Equity Release Revolution: Advisers Are Crucial

Despite All the Bad Rep in Prior Years, Equity Release Has Continued to Be a Reliable and Popular Product. But What Is at the Forefront of This Resurgence? Check This Out.

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The Equity Release Revolution

There are many different types of advisers that can help people with equity release. Some of these include financial planners, lawyers, and accountants. People may not know this, but advisers are key to the equity release revolution.

Like many financial products, it can be difficult for people to understand what equity release is and how it works. That’s why you need an adviser by your side. They will help explain everything so that you don’t have any questions left unanswered before you get started on your journey.

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Getting to the Bottom of the Problem

The objections will be widely known to advisers who have worked in the equity release sector as well as those who opt to avoid it. It prevents people from relocating1, jeopardizes succession plans2, causes family issues, and customers may not completely comprehend the terms of their agreements.

While there are certainly examples of poor outcomes in this market, as there are in all areas of financial services3, the vast majority of customers we surveyed were so pleased with their choice that they had already or planned to recommend the product to friends and family, a ringing endorsement for these often maligned products.

equity release

Furthermore, 67% said it had enhanced their quality of life, 35% said it had improved their level of living, and 23% said it had allowed them to help relatives.

Equity release has a non-financial impact, as it supports more general quality of life issues, with 50% of respondents indicating that alleviating financial anxieties enhanced their wellbeing, and 33% saying it allowed them to continue doing the activities they enjoy.

The majority of people said they shared their plans with their families before proceeding, with 64% stating they did so.

Only 6% avoided the topic because they expected opposition or worried family would feel bad, while 29% felt it was no one else’s business, a totally logical attitude given the drivers underlying some transactions and disparities in family circumstances.

Moving home was also not an issue for most clients; 83% stated they had never considered it, while 4% claimed they had successfully relocated after taking out equity release.

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Advice is Vital

Customers can only get equity release with the help of a financial adviser4, and the report’s overall conclusion is that advisers are doing a fantastic job.

However, there’s no reason to be complacent; in a continuously changing industry, they must all aspire to do even better.

With one of the most important duties of an adviser being to ensure that a client completely knows their options, it’s encouraging to see that 92% of consumers surveyed believed their adviser had communicated the plan to them well or very well.

To ensure that products and advice in the later life sector continue to evolve to suit the ever-changing wants and needs of clients, continuous improvement is essential.

This ground-breaking study shows that a lot is being done well, and advisers are at the heart of many equity release customers’ excellent experiences.

Common Questions

What Does a Financial Adviser Do?

What Is the Average Cost of a Financial Adviser?

In Conclusion

The equity release revolution has been fueled by advisers, who are key to making this process as easy and enjoyable for their clients.

Equity release is a way that many people have found to unlock the value of their home, but it can be intimidating or overwhelming without professional guidance.

For those considering releasing equity from your property in order to fund retirement, you’ll want an adviser whom you trust with your financial future guiding you through all aspects of the process.

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

Use our free equity release calculator & see how much you can release today.

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Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Written by
Nicola Date
Writer & Financial Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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Value of Your Home?

50000

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As Featured In
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