Gr8 Debate: Equity release - Resilience in crisis

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Equity release has demonstrated its resilience even as the country has faced multiple crisis while building in more consumer protections says Jane Mullan, national field sales manager at Pure Retirement in this interview with Octo Members. The interview gives an analysis of the equity release market before a wider debate involving the Equity Release Council and Equity Release Associates TO BE PUBLISHED MID NOVEMBER Mullan says that currently there is a little less borrowing as interest rates have increased, but she believes the long-term prospects remain bright as demand increases and the now regulated market continues to make improvements to its products and services. The need is certainly there. Equity release has always been a solution for the asset rich and cash poor and that is, if anything, becoming a more significant driver given the current situation regarding the cost of living. She also believes there has been a shift in perception among both advisers and intermediaries regarding the market with regulation and lots of important work done by the governing body Equity Release Council. In terms of client needs, she says equity release can for example help when an interest only mortgage coming to an end, it could be a matter of helping children with house deposit, which can help with IHT mitigation as while many people reaching retirement want to do a lot more than just sitting back and relaxing. Looking at the market more generally, she adds: “It is a far cry from being a last resort and a fantastic solution, not just for individuals but also for families as well. There is a fundamental shift in perceptions, which mean that later life products and advice and client education need to keep evolving as well, so we can continue to be part of the holistic advice conversation.”

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