Age Partnerships: 330% rise in those aged 55 seeking ER advice
There has been a 330% rise in the number of borrowers aged 55 seeking equity release advice over the last four years, according to Age partnerships.
Data collected by the firm outlines that equity release customers at the younger end of the spectrum, 55 to 60, are utilising interest and capital repayments.
Since making regular monthly repayments became available in January 2019, statistics collected by Pure Retirement show that 12% of 55 to 59 year-olds are choosing to make regular repayments.
This compares to 9% for clients aged 69 to 74.
Andrew Morris, senior equity release advisor at Age Partnership, said: “Clients that I’m speaking to are more informed about equity release than ever before.
“Those at the younger end of the scale are aware that record low interest rates make equity release a more viable solution than ever before.
“Once we then add in the option of making repayments of up to 15% of the original loan amount per annum, equity release then provides a later life lending solution that allows clients to reduce the impact on their estate.
“The repayments can be a fixed monthly amount, which can help borrowers with their budgeting.
“Alternatively, clients can choose to make ad-hoc payments as and when they can afford them.
“This flexibility means that equity release can now help people in a wider range of circumstances.”