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Over-55s hold more than £280k in home equity, says SunLife

SunLife has produced research that shows that over-55s believe that, on average, they need £114,436 to enjoy their retirement, while the average equity in their homes stands at £282,623.

The over-50s specialist found that 82 per cent of older homeowners had paid off their mortgage entirely, while those with debt remaining owned an average of £55,044 – “less than a fifth of the total value,” (£290,659), the firm says.

SunLife recently added an equity release calculator function to its website, which shows how much homeowners could release. However, SunLife also published research in late July that showed that only 11 per cent of homeowners aged 55 or over fully understood how equity release worked.

SunLife equity release service director Simon Stanney says: “This is a generation that are generally property rich and cash poor due to healthy increase in the value of their homes, but inflation eating away at pension pots and increased living costs.

“62% of those surveyed said they categorically did not want to downsize, which means the solution for the majority could be to unlock some of the value in their homes via equity release.

“Equity release lending has more than doubled in the past two years… it is clear that equity release is fast becoming the preferred choice among people over 55 to fund the retirement they want.


Comment: The value of ‘soft skills’ in equity release

Whatever the industry, being an adviser requires a specific set of skills. Obviously, one has to be knowledgeable and professional, but there are other skills that are extremely helpful, especially within equity release. The so-called ‘soft skills’ are tools the best advisers use when they are interacting with older, sometimes confused, clients. The ability to […]


Confusion reigns over equity release

Research from over-50s specialist SunLife shows that when it comes to equity release, only 11 per cent of homeowners aged 55 or over fully understand how it works. Delving further into the responses from the 1,007 people questioned (of whom 30 per cent would considering taking out an equity release loan), 55 per cent didn’t […]


Comment: Level playing field needed in later-life lending advice

We all know that the outlook for retirement has changed drastically over the last 20 years, both in terms of length, quality and priorities. But funding later-life has also need to change. Innovation in the over 55s mortgage space is welcome, in both lifetime mortgages and the relatively new retirement interest-only mortgages. The creation of […]

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UK landlord sentiment broadly positive

Over half – 52 per cent – of landlords who responded to Your Move’s Landlord Sentiment Survey reported that they were feeling positive about being a landlord in the current climate. Meanwhile, 30 per cent felt “indifferent,” while 16 per cent were negative. 64 per cent of landlords asked said that they are unlikely to […]

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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