Retirement Advantage has welcomed the announcement by the Equity Release Council that equity release lending passed £3bn for the first time in 2017, up 42% on 2016.
Alice Watson, Head of Marketing at Retirement Advantage Equity Release, said:
“Equity release is flourishing, driven by a recognition that property has a critical role to play in boosting retirement income. If growth continues at this rate, we have a real chance of seeing the first billion-pound quarter this year.
“We shouldn’t be surprised. For many people at or approaching retirement, the amount of wealth they have in their property outweighs the amount they have in their pension or other savings. As taking a holistic view of all assets becomes the norm, more people are considering how they can draw on property to help them live the retirement lifestyles they want.
“The equity release industry can be proud of these figures, which are tribute to the levels of innovation we saw in 2017. The challenge now is to maintain that innovation, exploring new markets like Buy-to-Let, and doing all we can to help more advisers become equity release qualified. If we can do that, I’m confident we can repeat these successes again in 2018.”