Category: Equity release
The council has also seen a 38% increase in registered individuals over the same period, rising from 673 in December 2017 to now stand at over 900.
The price of the average property OneFamily lends on is now 59% higher than average, at £370,483 versus a nationwide price of £232,554.
While 38% said they use equity release to make home improvements to add value or for extra enjoyment, one in eight (12%) customers use the funds to make adaptations for extra comfort and safety.
Retirement finance specialist Age Partnership is most well-known for providing an equity release service.
Some 8 in 10 (80%) equity release advisers feel there is a need for family members to be involved in the advice process – but half said clients are reluctant to do so, more 2 life has found.
AiR Prestige is said to have been designed to ensure advisers significantly reduce their administration burden and the time they spend processing later life cases – but it may also join up areas of the later life market commonly seen as siloed from one another.
What is more one in five (22%) plan to help out their grandchildren.
The equity release lender panel comprises of Aviva, Hodge, Legal and General, LV=, More2Life, Pure Retirement and Retirement Advantage, while the life panel is open to the whole market.
The Later Life Academy, the commercial and training organisation, and trade body the Equity Release Council have launched events in 2019 entitled ‘Later Life Lending – The Big Picture’.
For the first time, half of customers (50%) used equity release to fund home improvements in the third quarter of this year, up from 45% in Q2, Canada Life has found.