Commenting, Claire Barker, chairman, ERSA said:”Overall, these are remarkably positive results for the industry and indicate that there is still a major appetite from home owners to supplement their retirement income by using the equity in their property.
“The rise in home reversion plans is particularly encouraging and demonstrates increased adviser awareness for these products. This rise could perhaps also suggests that homeowners are becoming less emotionally attached to the concept of full ownership of their property and are seeing the benefits of home reversions in a market of lower property values. These products are good alternatives to lifetime mortgages for some clients and, with a SHIP plan, homeowners are guaranteed rent-free tenure for life.
“Provided that funding remains in place, we should finally see some growth in the equity release sector in 2010.”