Equity Release Council comments on Key’s Market Monitor for Q3 2021

Equity Release Council comments on Key’s Market Monitor for Q3 2021, showing anticipated record year for homeowners using equity release products to access their housing wealth in later life to support their financial plans.

Jim Boyd, CEO of the Equity Release Council, comments:

“Equity release products may be designed for later life, but these figures show the benefits of accessing property wealth are routinely shared across the generations and increasingly woven into the country’s social fabric.

“A significant amount of funds continue to pass directly to family members and other beneficiaries, making equity release a multi-generational financial planning tool. The ability to ‘recycle’ housing wealth is transformative for many families when it comes to younger generations’ ambitions to progress in life, from buying a home and getting married to continuing in education and starting a business.

“Unlocking property wealth is not the right choice for everyone, and one of the great benefits of the equity release advice process is that it frequently unearths other solutions, from savings or investments to unclaimed pensions or benefit entitlements. With longer lives, people’s needs change over time and the questions prompted by considering equity release can help identify the best way to use different sources of wealth at different stages of life.”

Kindly shared by Equity Release Council (ERC)

Main photo courtesy of Pixabay