The equity release industry has reached a tipping point. According to latest figures from the Equity Release Council, there was a 29 per cent growth in the amount released through lifetime mortgages in 2014 compared with the previous year and it is very likely that rate of growth will continue.
More people are interested in exploring ways they can unlock wealth and generate income, which has led to an unprecedented period of innovation, from the introduction of capital and interest-paying loans to fixed early repayment charges on products.
There is a clear commercial imperative for advisers to add equity release to the products they are qualified to offer. Lending across the UK reached £1.4bn last year, the highest ever recorded, according to the Equity Release Council. This comes as the MMR has led to more people being rejected by mainstream lenders due to their age. If equity release is on the cusp of something big, why would advisers not want to be a part of it?
At the same time It is down to all of us to demystify the perceived complexities and present the benefits as plainly as possible.