Alice Watson, head of marketing, insurance at Canada Life comments on the Equity Release Council’s Q1 market statistics:
“Today’s findings from the Equity Release Council further evidences the resilience of the industry in the face of the pandemic.
“Property wealth is increasingly being used as a component of modern retirement journeys, working alongside existing pension savings, rather than being a question of using either/or. With fewer people than before following the ‘traditional’ journey of retiring with comfortable final salary pensions and no mortgage debt, the result is that the retirement market is undergoing a significant change.
“The decision to release equity from a property should not be made quickly and remains a significant financial decision. However, in the right circumstances it can provide a helpful boost to retirements across the country. Particularly during this pressured time when many people are feeling the financial strains of the pandemic. With the right advice, equity release has proven it can help people to access their property wealth flexibly and safely.”