Equity Release Misconceptions: Survey Finds 90% of Over 50s Unaware of Benefits

Equity Release Misconceptions: Survey Finds 90% of Over 50s Unaware of Benefits

Equity release is a financial product that allows homeowners over the age of 55 to access the equity in their home without having to sell it. It can be a great way to supplement retirement income, but unfortunately, many people are unaware of the benefits it can offer. According to a survey conducted by the Equity Release Council, 90% of over 50s are unaware of the benefits of equity release.

The survey found that the majority of people over 50 are unaware of the potential advantages of equity release, such as being able to access a lump sum of money, or having the ability to supplement retirement income. In addition, many people are unaware of the flexibility that equity release offers, such as the ability to make partial withdrawals or to make regular payments.

The survey also found that many people are unaware of the safeguards that are in place to protect homeowners who take out equity release plans. These safeguards include a no negative equity guarantee, which means that homeowners will never owe more than the value of their property, and a right to remain in the property for life.

It is important for people to be aware of the benefits and safeguards associated with equity release, so that they can make an informed decision about whether it is right for them. If you are considering equity release, it is important to seek independent financial advice and to understand the terms and conditions of any plan you are considering.

Equity release can be a great way to supplement retirement income and access funds without having to sell your home. However, it is important to be aware of the potential risks and benefits associated with equity release before making any decisions. With the right advice and understanding of the terms and conditions, equity release can be a great way to access funds in retirement.

Leave a Reply

Your email address will not be published. Required fields are marked *