Blueberry Specialist Lending sight the most recent Market Report from the Equity Release Council which confirmed how homeowners are managing to improve their living standards in later life by drawing on property wealth to boost their existing income.
The Council’s analysis shows the average single pensioner’s income falls just short of what is needed to support a minimum standard of living, as defined by the Pensions and Lifetime Savings Association’s Retirement Living Standards.
However, by boosting their income via equity release, they could afford a moderate lifestyle for 12 years or five years of living in comfort.
Similarly, the average pensioner couple could fund 18 years of moderate living or five years of living in comfort by topping up their income with the average equity release plan.
(source: Equity Release Council Spring 2023 Market Commentary)
Equity release can be a life changing, prudent recommendation for older homeowners who would like to utilise the equity tied up in their home to obtain some extra cash in retirement and can also be used to facilitate home improvements, pay for the costs of care, help a loved one who is struggling financially, or pay off other debt.
With the adverse publicity surrounding the NHS and, more specifically, the waiting times for ‘non-urgent’ procedures, we are continuing to see a noticeable increase in enquiries relating to equity release for private medical expenses.
Planning means looking ahead and, as brokers, we should play our part in supporting our clients to plan ahead, after all, it wasn’t raining when Noah built the ark.
Blueberry Specialist Lending offer, whole of market advice on Equity Release, with access to exclusive rates with key lenders. We’re here to help!
The process for referring a client is simple via our qualified advisers and comes with extremely competitive market leading fees mitigating excessive charges to your client.
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