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Equity Release News
Retired homeowners have total property wealth owned outright of up to £749.45bn in the face of ongoing housing market volatility, research from Key Retirement Solutions shows.
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The equity release market has seen the first annual rise in both total lending and sales of plans since 2007, according to analysis from independent equity release adviser Key Retirement Solutions.
A 2-year high of £215.9m equity release advances were made by Safe Home Income Plans members in Q4 2011.
Advisers need to focus on identifying bespoke solutions if they are to meet the individual retirement challenges faced by their clients, says Defaqto.
People are risking financial shock in retirement as Brits are the least likely to think they will need to save in the future for the costs of care in old age.
Over a third (37%) of economically active over-55s have yet to make plans for their finances in retirement, according to the latest Real Retirement Report from Aviva.
Over-55s hoping to cover the cost of an average stay in a residential care home from income and savings could find themselves with a 26% shortfall, research from SHIP has found.
New 65 year-olds present fresh opportunities for equity release, Dean Mirfin, group director at Key Retirement Solutions, told yesterday’s Mortgage Business Expo in London.
New research conducted by the Equity Release Solicitors’ Alliance has revealed the impact of the ongoing economic situation is shaping the demand for equity release.
Equity release lenders More2Life and New Life have been added to Tenet Lime’s equity release panel.
Retired homeowners have total property wealth owned outright of £756.6 billion despite continuing housing market volatility.
Equity release provider More 2 Life has built up a 9.3% market share after just a year of operations, claims the provider.
Just Retirement has reported a 6.7% decrease in equity release sales in the three months to the end of September 2011 compared to the same period in 2010.
SHIP, the equity release provider trade body, has revealed a rise in customer numbers and a huge increase in lending figures in quarter three, 2011.
Bridgewater Equity Release has launched a technical sales aid which helps advisers with clients who require a degree of their equity to be guaranteed as an inheritance.
A fifth of over-50s are considering an equity release product to access the equity in their homes to pay for their retirement.
While some over-55s are happy to use their housing equity to finance their care, a clear majority (62%) believe that they should not be forced to sell their house to pay for care.
More 2 Life has expanded drawdown options for clients qualifying for enhanced rates by adding it as a choice for people seeking maximum withdrawal.
Equity release adviser Key Retirement Solutions has expanded its service through a strategic partnership with mail order company Freemans Grattan Holdings.
Retirement specialist LV= has launched a new flexible lending policy for its equity release products.
Millions of Brits are seeing their retirement dreams undermined by the rising cost of living and inadequate financial preparation for their retirement.
Paul Yates, strategy and business development director at Avelo, has said longevity figures are a wake-up call for the nation and the financial services community.
Property purchasers over the age of 65 are increasingly funding their house move through home reversion plans, says Bridgewater Equity Release.
Retired homeowners own £752.1bn in total property wealth outright, reveals research from Key Retirement Solutions.
The impact of equity release products on state benefits is an area advisers have said they would like to have more information on, following a survey by Bridgewater Equity Release.
LV= has reduced the number of age bands applied on its equity release products, and cut rates on its lifetime and flexible lifetime mortgage.
Paradigm Mortgage Services has urged advisers to undertake a ‘full consideration’ of the equity release market when considering the needs of those clients in, or at, retirement.
A leading debt charity has said that many older debtors are releasing equity from their homes to deal with problem debts.
Sales of equity release plans and the amount released climbed by up to 5% in the first half of 2011 according to Key Retirement Solutions’ Equity Release Market Monitor.
Clients are being recommended potentially unsuitable lifetime mortgage products because of advisers’ overly bullish house price predictions, Bridgewater Equity Release has claimed.
Research from the Equity Release Solicitor’s Alliance has found 19% of the UK population are considering using equity release to provide finance in retirement.
The equity release industry has welcomed the findings of the Dilnot Commission.
Newlife Mortgages has launched two home reversion products as the company rebrands to ‘New Life – home related finance’.
New consumer research reveals that less than a third of people (29%) feel prepared for retirement but there is a complete lack of understanding of equity release.
Partnership has launched an equity release lifetime mortgage with no entry fee aimed at cash poor homeowners with health or lifestyle issues.
Bridgewater Equity Release is taking its regular Broker Forum events to both Altrincham and London later this month.
More 2 Life has increased its maximum loan-to-value limits in response to growing demand for enhanced equity release deals.
Paul Smee has been appointed to chair a formation committee by Safe Home Income Plans aimed at reviewing the cross-industry appetite for the equity release market.
Philip Brown will join LV= as head of retirement propositions in August 2011.
Just 52% of those retiring this year are confident they have enough income and assets to fund their retirement and still be able to leave money to relatives.
The average pensioner with debt taking out an equity release plan on the value of their home has debts totalling £25,418.
Bridgewater equity release has launched a sales aid for advisers outlining the reasons why reversion plans may be a suitable form of equity release for a client.
Retirement specialist LV= has announced that Intrinsic's restricted and independent financial planners now have access to its full range of retirement solutions products.
More people who have retired are accessing the equity from their homes according to Saga’s Ros Altmann.
Equity release specialist Age Partnership has appointed Goldsmith Williams as its exclusive legal services partner.
Retirement specialist LV= has announced a new series of equity release roadshows for financial advisers.
Andrea Rozario, director general of equity release trade body SHIP, has welcomed the Government’s move to simplify the UK pension and related benefits system.
Retired homeowners have total property wealth owned outright of up to £751.3 billion despite ongoing housing market volatility, but this is reducing.
Andrea Rozario, director general of SHIP, commented on the implications of today’s Budget for the equity release sector.
A review of the annuity market by independent financial research company Defaqto has concluded that the ‘at retirement' market represents a significant opportunity for advisers.
Equity release adviser LaterLiving and care fees planner Eldercare have formed a working relationship to serve homeowners requiring funding for care fees.
Retired homeowners are using their property wealth to help out family with the average payout running at £23,328.