In recent years, the use of equity release products has grown significantly. This trend is expected to continue in 2022, with a new report from Responsible Life predicting an increase in the use of equity release products due to home improvements.
The report states that homeowners are increasingly using equity release products to fund home improvements. This is due to the fact that many homeowners are unable to access traditional forms of finance such as mortgages or personal loans. Equity release products offer a way for homeowners to access funds without taking on additional debt.
The report also found that the majority of people using equity release products are over 55 years old. This is likely due to the fact that older homeowners are more likely to own their home outright and have built up a significant amount of equity in their property.
The report also found that the most popular use of equity release products is to fund home improvements. This is likely due to the fact that many homeowners are unable to access traditional forms of finance such as mortgages or personal loans. Equity release products offer a way for homeowners to access funds without taking on additional debt.
The report also found that the majority of people using equity release products are over 55 years old. This is likely due to the fact that older homeowners are more likely to own their home outright and have built up a significant amount of equity in their property.
Overall, the report from Responsible Life predicts an increase in the use of equity release products in 2022 due to home improvements. This is likely due to the fact that many homeowners are unable to access traditional forms of finance such as mortgages or personal loans. Equity release products offer a way for homeowners to access funds without taking on additional debt. It is important for homeowners considering equity release products to understand the risks associated with them and seek independent financial advice before making any decisions.