MBE 2011: New 65s present ER opportunities
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.
Mirfin said that equity release would certainly see a new lease of life from a new type of consumer in a generation of new 65 year-olds who had a different vision for long-term care.
He said: "The traditional long term care market has very much been one built around people moving into residential care and there is now a huge drive to provide individual care in their own homes and maintaining their quality of life.
"The downside is that they can't sell their house to fund it because they're living there. So Equity release is certainly going to see a new lease of life from a different type of consumer."
Mirfin also said that there was a huge potential to sell a number of associated products to that generation off the back of will writing and assigning lasting power of attorney.
He said there would be 2.01m new 65 year-olds who did not have a will, amounting to 61% of the generation. He also said there would be 2.35m, or 71%, who did not have a lasting power of attorney.
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