Most don’t realise the products can be used to move house after taking out such a plan, while most aren’t aware that the cash can be used to pay off another mortgage or loan.
Only one in 10 over-55 homeowners are aware of the features contained in an equity release product, SunLife search shows.
Most don’t realise the products can be used to move house after taking out such a plan, while most aren’t aware that the cash can be used to pay off another mortgage or loan.
Dean Lamble, chief executive of SunLife, said: “Unlocking a tax-free lump sum from your home is one of the biggest financial decisions that someone in their 50s, 60s or 70s could make, and homeowners understandably want to involve the whole family.
“Our equity release guide includes practical advice and suggestions to help homeowners and their families make well-informed decisions about what equity release has to offer, so they can decide whether it is suitable for them.”
