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Equity Release

Equity Release. Older people have limited access to obtaining credit. Therefore, it is thought that equity release products will have an important role in allowing for access to large sums of money or additional income for those who own their own homes. Equity Release.

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Equity Release

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  1. Equity Release Older people have limited access to obtaining credit. Therefore, it is thought that equity release products will have an important role in allowing for access to large sums of money or additional income for those who own their own homes

  2. Equity Release There was a broad awareness of equity release products with 80 per cent of the respondents from the questionnaire having heard of the term. Also, 70 per cent of the respondents owned their homes outright and were ideally placed to comment on equity release products.

  3. Equity release • The questionnaire results revealed that the respondents were reluctant to use their homes to pay for their retirement and were fortunate enough to not be in a position that would require them to do so.

  4. Equity Release • The World Café participants had various opinions, however, they regarded downsizing as the preferred option; some had family living outwith the area and needed the space for their visits, while others thought that selling would prevent the bank getting their hands on hard earned cash and allow increased independence. • Maintaining social contact within a community was also an important consideration.

  5. Equity release • Most wanted to leave something for their children, despite recognition that home ownership for younger people had increased • Some wanted to help their children now, when it was needed, rather wait until they had gone • It was considered preferential that the money from the sale of the house was available for their family, rather than it going to the bank

  6. Equity Release • Equity release providers were considered unethical in the ways they marketed these products to the elderly and those who were already having financial problems • Equity release was considered as ‘asset stripping’ and had a bad reputation. Moreover, there was confusion over which products fell under the regulations within the vast number of different products available

  7. Equity release • Generational differences were discussed, with those under 50 years being perceived as frivolous with money and making use of ‘buy now, pay later’ deals, whereas the over sixties would save to buy luxury products. Therefore releasing equity for luxury goods or services was considered irresponsible • Planning for the future was considered difficult as people are living longer, and this could not be predicted. Knowing how long to prepare for was thought to be impossible and releasing equity can be costly with legal fees

  8. Equity release • Home ownership was seen as liberating and enabling independence. Further, for some people, homes were based on memories and sentimental attachments for the whole family • Questions or comments on equity release?

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